Saturday, November 22, 2014   

Aussie hits a new low on weak jobs data
(01-16 17:54)

Australia's unemployment rate held steady at 5.8 percent in December but the economy shed 22,600 jobs, data show. The Australian dollar tumbled to a three-year low on the news.
While the headline rate remained the same the Australian Bureau of Statistics said seasonally adjusted unemployment increased, with the loss of 31,600 full-time jobs and the creation of just 9,000 part-time positions.
The rate was in line with forecasts but the “Aussie'' dollar sank to 88.05 US cents –
its lowest since August 2010 – from 89.03 cents on Wednesday.
Central bank governor Glenn told lawmakers late last year that an exchange rate above 90 US cents was not sustainable in the long-term and 85 cents was probably closer to its true value.
The Aussie traded at or above greenback parity for several years, hitting a high of 110.81 US cents in July 2011, and its drop will be welcome news for the Reserve Bank.
Its prolonged bullish run weighed on trade-exposed sectors of the economy, particularly manufacturing.—AFP

   
Other Business breaking news:
PBOC to inject liquidity if necessary (11-21 19:03)
China cuts interest rates (11-21 18:41)
Indexes track Connect (11-21 17:35)
ECB chief says will ramp up asset purchases 'without delay' (11-21 17:09)
European stocks rise at open (11-21 16:23)
Hang Seng ends higher (11-21 16:22)
Nikkei closes higher (11-21 15:03)
Nikkei down by break (11-21 11:03)
Taiwan export orders hit record high on iPhone 6 demand (11-20 19:08)
Japan exports up 9.6 percent in October (11-20 18:41)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.