The Australian Job Market Participation Rate Increased as its Economic Growth Trajectory Holds Firm.

The Australian Unemployment rate is the percentage of the total workforce in Australia that is unemployed and actively seeking employment during the previous month.

The last employment report released from the Australian Bureau of Statistics (ABS) saw a continuous spark in recovery in line with its growth pattern already set in motion. In the growth trajectory, the report showed a job expansion that cuts across 11 industries with Health care and Social Assistance topping the chart by 26.2% from the onset of the pandemic. Other labor market sectors that outperform include professional, scientific, and technical services, financial and insurance services, retail trade, Mining agriculture, construction, education, manufacturing, Accommodation, and food services.

According to the International Monetary Fund World Economic ranking, Australia is ranked among the top 10 global economies in terms of GDP per capita. Its GDP print is 1.6 trillion dollars as of 2021 and $62,618.59 GDP per capita. There is strong speculation for the economy to keep flourishing, though global supply chain disruption and high inflation hits are constraining the narrative.

Another positive is that the Australian government is taking a giant stride towards bridging the gap between the job participation rates of men and women. This is a strategy towards boosting women’s workforce involvement which in return will essentially raise living standards and sustain Australia’s future prosperity. As part of the synergy towards this, the government invested around $37 billion on child care support to aid ease up pressures on families’ cost of living and parenting responsibilities. According to an economic analyst, this new child care system will encourage more than 230,000 families to increase their involvement in workforce participation.

Currently, its unemployment rate stood at 4.6% and from the market forecast, it is expected to decline optimally. Comparatively, the economy is not underperforming and its workforce is rated high as it stood strong among the nations whose job markets thrived amidst the pandemic drift

Regardless, traders should brace themselves up for a period of high volatility as the Unemployment report often have a great impact on the FOREX market. A decrease in Unemployment Rate will usually strengthen the AUD (Australian Dollar), while the increase in the Unemployment Rate will usually weaken the AUD (Australian Dollar).

Traders should always be aware that volatile markets provide great opportunities for making profits, as the increase in volatility can cause market swings for traders to capitalize on.

The currency pairs with the AUD (Australian dollar) are mostly affected by the data release. They include; AUDUSD, AUDCAD, AUDCHF, AUDJPY, AUDNZD, etc. You can trade these pairs with ACT brokers; Best Forex Broker (https://actmarkets.com) with the best spread and trade execution.

Time Schedule for the next AUD Unemployment Rate Report:

Date: Thursday. 17th February, 2022.

Time: 1:30 am (GM + 1).

Author:
Amogo Solomon is a Broker-Dealer/Market Research analyst and writer in ACT Brokers with a background in Computer Science, Data Analytics, and Forex Broker Dealing. He specializes in Forex Dealing, markets Analysis, Currency research, forex fundamental and technical analysis, and Monitoring of Forex trends, Stocks, Equities, Cryptos, and Commodities. He possesses strong technical and analytical skills and is well known for his entertaining and informative analysis of the global economy, fiat currency, commodities, Stocks, Indexes, Futures, and Options markets. He held a Bachelor's degree in Computer Science and Nanodegree in Programming for Data Science Enterprise.

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