The recovery in the labor market in Australia returns strong if the unemployment rate falls to a nearly 50-year low in April while reinforcing confidence for the central bank to deliver further gains in rates.
The Australian Bureau of Figures (ABS) reported on Thursday that the unemployment rate met market expectations for a decline to 3.9% from 4.0% posted in March.
The drop will surely be welcomed by Prime Minister Scott Morrison, who has made employment a weapon in his election campaign, where the draw is due to take place on Saturday.
However, the job gains missed the expected increase of 30,000 if only 4,000 were recorded in April. It was also down from the previous reading of 17,900 jobs.
Following the publication of these data, the Aussie dollar was little changed by trading at around 0.6967 against the US dollar.
The Central Bank of Australia (RBA) has increased the benefit rate by 25 principal points to 0.35% in a police briefing that took place earlier this month.
Markets are now placing expectations that the central bank will implement further increases in June.
