[OPE] Jobs Down Under, in Australasia

From: Jurriaan Bendien <adsl675281@telfort.nl>
Date: Fri May 08 2009 - 06:51:30 EDT

Currency: NZ dollar gets lift from employment data
New Zealand Herald Thursday May 07, 2009

The New Zealand dollar got a lift today from better-than-expected
unemployment data. The unemployment rate rose to a six-year high of 5 per
cent in the March quarter, but it was a smaller rise than economists
forecast, which suggested to some that the Reserve Bank may not cut interest
rates further. The NZ dollar rose from US58.30c to US59.10c on the news.

The drop in employment was in line with market expectations but the
unemployment rate came in well below the 5.3 per cent forecast. The reason
is that while 7000 were added to the ranks of the statistically unemployed,
17,000 withdrew from the labour force altogether.

Jobless fall inspires caution and hope
Jacob Saulwick
Sydney Morning Herald, May 8, 2009

EMPLOYERS hired almost 50,000 extra full-time staff last month, spurring
hopes the economic tide is turning, but the Government and economists warn
that one month's figures do not make a trend. The Employment Minister, Julia
Gillard, welcomed the surprise improvement in the unemployment rate, which
fell from 5.7 per cent to 5.4 per cent, but said the budget on Tuesday would
still contain gloomy forecasts for joblessness. Financial markets were less
guarded, seizing on the jobs report as yet another indicator of an emerging
economic recovery, and driving the Australian dollar above US75 cents for
the first time since October.

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