Business News
Jobs growth spurs Australian stocks
Jul 8, 2010, 6:54 GMT
Sydney - Better-than-expected employment figures propelled the stock market and the Australian dollar higher Thursday.
The creation of 45,900 jobs, 18,400 of them full-time, brought the jobless rate down to 5.1 per cent for May from 5.2 per cent a month earlier.
The stock market rose 2 per cent on the positive news and the Australian dollar jumped one-and-a-half cents to trade at 87.34 against the US dollar.
The employment rate is now back where it was when the global financial crisis really started to bite in February 2009.
Also spurring the currency on was the anticipation of another rise in interest rates that would make holdings of Australian dollars more valuable.
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