Signs of Deterioration in the U.S. Job Market
The number of initial jobless claims in the United States rose to 861,000 early last week, which was much higher than the market expectations of 77.3%, while the previous figure was revised to 848,000. During the period, the number of continuing jobless claims decreased by 64,000 to 4.494 million, which was originally expected to be 4.425 million. The data reflects that the US job market is showing signs of deterioration, mainly due to the pressure on companies due to pandemic-controlling measures. The U.S. exchange rate weakened due to the poor economic figures.
Australia’s Unemployment Rate Fell Back to 6.4%
The Australian Bureau of Statistics announced that the local unemployment rate continued to fall to 6.4% in January 2021, a drop of 0.2 percentage points from the previous value and beating market expectations of 6.5%. During the period, the employed population increased by 29,100, slightly less than the market expectations of 30,000. Amongst them, full-time employment increased by 59,000, which was a sharp increase from the previous value of 35,700, while part-time employment decreased by 29,800. The unemployment rate in Australia has continued to improve, and the growth in full-time jobs is strong, reflecting that the Bank of Australia’s stimulus policy for the job market is gradually producing results.