The Australian job market continued to show resilience in January despite the new threat of Omicron contagion.
The market initially predicted that no increase in employment would be recorded last month. However, the figures released by the Australian Bureau of Statistics (ABS) are the opposite, with a 12,900 increase in jobs in the country.
Meanwhile, data from ABS also showed that Australia’s unemployment rate was recorded unchanged at 4.2%, similar to market expectations and readings in the previous month.
This figure also shows that the unemployment rate remained at its lowest level since August 2008 when it touched the level of 4.0%.
The Australian Central Bank (RBA) has previously targeted to push unemployment to 4% or lower in hopes of reviving wage growth after years it was below target.
In addition, Governor Philip Lowe also said last week that it was reasonable that a rate hike could happen by the end of this year if the economy recovers as expected.
The positive readings recorded in the employment data reminded investors again of the statement, thus pushing the Aussie dollar trading higher during today’s Asian session.
