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Australia's unemployment rate eases to 6.3%

11:24 AM | 12 Mar, 2015
Australia's unemployment rate eases to 6.3%
SYDNEY (APP) - Australia's unemployment rate eased to 6.3 percent in February as fewer people looked for jobs, official data showed Thursday, but economists warned the labour market remained soft, maintaining expectations of another interest rate cut.

The unemployment rate fell from 6.4 percent in January, a more-than 12-year high, according to the Australian Bureau of Statistics -- in line with analysts' forecasts.

Some 15,600 jobs were added to the economy last month, with full-time positions increasing by 10,300 as part-time roles rose by 5,300. The proportion of adults in work or looking for work, measured by the participation rate, fell from 64.7 percent to 64.6.
The Australian dollar was broadly unchanged, trading about 76.05 US cents after the data was released.

Despite the improved figures, the jobless rate remained among the highest levels seen since late 2002, reflecting an Australian economy in a rocky exit from an unprecedented mining investment boom that has helped the nation avoid recession for more than two decades.
"We do not view the improvement in the unemployment rate as a change in the upward trend," ANZ Bank's co-head of Australian economics Riki Polygenis said.

"Below-trend growth outcomes -- both past and expected -- are consistent with a further gradual rise in the unemployment rate from here, with new hiring insufficient to keep pace with retrenchments in industries such as mining and manufacturing."

The Reserve Bank of Australia cut interest rates to a new record low of 2.25 percent in February in a bid to support growth in the non-mining sectors.

It kept them on hold at its March meeting but adopted an easing bias which analysts said pointed to another cut, possibly as soon as April.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

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Currency Rates in Pakistan Today - Pakistani rupee to US Dollar, Euro, Pound, Dirham, and Riyal - 17 April 2024

Pakistani currency saw minor adjustment against global currencies on April 17, 2024. US dollar was being quoted at 277.4 for buying and 280.4 for selling.

Euro comes down to 293.15 for buying and 296.1 for selling while British Pound stands at 344.25 for buying, and 347.6 for selling.

UAE Dirham AED was at 75.4 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 17 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.4
Euro EUR 293.15 296.1
UK Pound Sterling GBP 344.25 347.6
U.A.E Dirham AED 75.45 76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 201 203
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 902.26 911.26
Malaysian Ringgit MYR 58.24 58.84
New Zealand Dollar NZD 164.75 166.75
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.37 77.07
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76

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