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The US payrolls data for April released overnight saw the headline unemployment rate fall to 6.3% (from 6.7% and against expectations of a decline to 6.6%) with the addition of 288,000 new non-farm payrolls (expected +218,000). However, the positive news was tempered by a sharp fall in the participation rate and average hourly earnings remaining flat.
The unemployment rate now sits at its lowest level since Sept 2008 and, with upward revisions to Mar and Feb payrolls, the average monthly payrolls gain over the past year has risen to 197,000.
The US$ rallied sharply immediately after the release but quickly fell back as the less positive news on the participation rate and earnings was absorbed.
The A$ is currently trading at similar levels to yesterday (US$0.927).
We are proud to have CBC Staff Selection as supporters of the Conus/CBC Staff Selection Trend Employment and Jobseeker data series