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Australia Employment Soars by 210,800, Biggest Monthly Gain Ever

imageStock Markets17 hours ago (Jul 15, 2020 10:00PM ET)

(C) Bloomberg. The shadow of pedestrians are seen on the ground of a crosswalk in Toronto, Ontario, Canada, on Friday, May 19, 2017. Ontario is easing rules for its pension funds as years of low interest rates, poor equity returns and a looming retiree glut pressure companies. Photographer: Brent Lewin/Bloomberg

(Bloomberg) — Australian employers added the most monthly jobs on record in June as the economy’s recovery gathered pace — though the jump could prove short-lived given lockdowns to stem a renewed Covid-19 outbreak.

A record 210,800 positions were added, more than double economists’ 100,000 estimate, after May’s figures were revised higher to 264,100 jobs lost, data from the statistics bureau showed Thursday in Sydney. The unemployment rate advanced to 7.4% in June from 7.1% as the participation rate surged to 64% from 62.7% in May.

The Australian dollar extended earlier declines to trade down 0.2% at 69.93 U.S. cents as of 11:35 a.m. in Sydney, from 70.02 cents just before the data was released. The currency touched a one-month high of 70.63 cents on Wednesday.

The hiring spurt reflects Australia’s earlier than expected reopening of the economy following the containment of the virus. These gains are at risk of reversing with metropolitan Melbourne, the nation’s second-largest city, returning to a six-week lockdown and new cases emerging in outer Sydney.

The second wave of infections creates greater focus on the government’s fiscal and economic statement next week, when it’s due to provide an updated outlook for the next two years and lays out its intentions for the fiscal stimulus programs, given most are due to expire in September.

(C)2020 Bloomberg L.P.

Australia Employment Soars by 210,800, Biggest Monthly Gain Ever

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