The Australian economy has recorded another robust month of employment gains, with more than a third of a million jobs created over the past twelve months. The increase was considerably more than expected and revisions to previous months were positive. However, the reactions of various financial markets were generally subdued.
The ABS has released employment estimates for June which indicate the total number of people employed in Australia in either full-time or part-time work increased by 50,900. The report also revised previous estimates from April and May. April’s employment growth number was revised up from +18,400 to +19,200 while employment growth during May was revised up from +12,000 to +13,400.
Market expectations prior to the report’s release were for 16,500 new positions to be created and local bond yields moved higher and the Aussie dollar firmed after the figures were released. 3-year bond yields finished 4bps higher at 2.14% and 10-year bond yields increased by 2bps to 2.66%. The Aussie dollar jumped by about 0.3 US cents to 74.30 US cents before dropping back in afternoon and evening trading.