The Australian Unemployment Rate is foreseen to contract to 4% in May.
Employment Change expected to remain tepid, up by 27.5K in the month.
AUD/USD set to run to fresh multi-month highs with an upbeat report.
Australia is set to release the May employment report on Thursday at 1:30 GMT. The Australian Bureau of Statistics (ABS) is expected to announce the country added 27.5K new job positions in the month, down from the 38.5K gained in April. The Unemployment Rate is foreseen at 4%, easing from the previous 4.1%. Ahead of the announcement, the Australian Dollar (AUD) is up amid broad US Dollar’s weakness.
Headline Employment Change is split into full-time and part-time positions. Generally speaking, full-time jobs imply working 38 hours per week or more and usually include additional benefits, but they mostly represent consistent income. On the other hand, part-time employment generally means higher hourly rates but lacks consistency and benefits. That’s why the economy prefers full-time jobs.
According to the April report, seasonally adjusted, the number of people counted as officially unemployed increased by 30,300 in the month, while the number of employed people increased by 38,500. The latter combines an increase of 44,600 part-time positions and a loss of 6,100 full-time jobs.
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