Labor market in Australia: Economy adds fewer jobs than expected, but unemployment remains stable.

The Australian Bureau of Statistics released data on the country's labor market for October this morning, which came in weaker than expected. Australia’s economy added fewer jobs than anticipated, while the unemployment rate remained close to its highest level since January 2022.

According to the data, Australia’s economy added about 15,900 jobs, which was lower than market expectations that estimated the economy would add around 25,200 jobs. The previous reading for September showed that the economy added approximately 61,300 jobs, revised down from 64,100 jobs.

On the other hand, Australia's unemployment rate data met expectations, remaining stable at 4.1% during October. However, it still hovers near the highest level in over two years. The October reading matched expectations, which anticipated that the unemployment rate would remain at the same level recorded in September.

The employment change index in Australia is considered one of the indicators of consumer spending within the country, as it reflects the overall economic activity in Australia. A higher reading than expected indicates a positive impact on the Australian dollar, while a lower reading suggests potential weakness for the Australian dollar. In this case, the impact is mixed and neutral on the movement of the Australian dollar.