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Stocks and jobs rally in Australia
Jun 10, 2010, 5:05 GMT
Sydney - Monthly figures showing unemployment heading downwards pushed Australian stocks and the local currency upwards Thursday.
The Bureau of Statistics reported the jobless rate moving from 5.4 in April to 5.2 for May after the creation of 26,900 jobs.
There were 36,400 more full-time jobs counterbalancing a decline of 9,400 in part-time positions.
The stock market rose almost 1 per cent on the news and the Australian dollar jumped from 82.84 US cents to 83.27 US cents on the news.
The currency jumped in anticipation of another rise that would put interest rates beyond the current 4.5 per cent. Rates have risen six times in nine months.
'It would be hard to conjure up a better set of figures,' CommSec economist Savanth Sebastian said of the jobs figures for May.
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