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Australia’s unemployment rate seen holding at 4.5% in August

Analysts also expect 20K jobs added and a participation rate of 66.9%, with the outcome unlikely to sway the Reserve Bank of Australia’s next decision.

Reported · Written up by our desk · Major Pairs

Australia is set to release its August monthly employment report on Thursday at 01:30 GMT, with analysts expecting the unemployment rate to stay at 4.5% and employment to add about 20K jobs.

Ahead of the data, the Australian Bureau of Statistics is also expected to show the participation rate at 66.9%, unchanged from the prior month, according to FXStreet.

The report arrives a week before the Reserve Bank of Australia meeting, after the RBA left the Official Cash Rate unchanged at 4.35% in August, citing a softer-than-expected impact from the Middle East conflict on inflation.

FXStreet noted that, despite July showing a loss of 32.2K part-time jobs and an addition of 16.3K full-time jobs, the employment figures are not expected to have a meaningful impact on the next RBA decision, while the US dollar has been supported more broadly, pushing AUD/USD to one-month lows below 0.7100.

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