Australia's Bureau of Statistics recently reported that the unemployment rate in November was at 6.8 percent, lower than October's 7 percent and expectations that the rate would remain unchanged.
Employment change stood at 90,000, higher than expectations of 50,000, though still lower than October's 178,800. Full-time employment in November was at 84,200 after being at 97,000 in October. Part-time employment stood at 5,800, after October's 81,800.
The participation rate was higher than the expected 66 percent, with a 66.1 percent reading in November, though lower than October's 65.8 percent.
By 6:59 GMT, the Australian dollar rose by 0.30 percent against the US dollar, hitting the 0.7599 level.
Congress nearing agreement on $900 billion stimulus package
US Congress is now closer to an agreement on a $900 billion stimulus package and is currently discussing the details.
“We made major headway toward hammering out a targeted pandemic relief package,” commented Senate Majority Leader Mitch McConnell. “We need vaccine distribution money, we need to re-up the Paycheck Protection Program to save jobs, we need to continue to provide for laid-off Americans.”
The stimulus bill doesn't seem to include a funding stream for state and local governments, which has been a point of contention between Democrats and their Republican counterparts who opposed it. From the 900 billion, 600 billion would come from other parts of the budget while 300 billion would be new funds.
Yesterday, Markit Economics reported the preliminary PMI figures for December. According to the data, the US manufacturing sector may have expanded in December with a 56.5 reading, higher than the expected reading of 55.7. The services sector would have advanced less than expected at 55.3, after November's 58.4. The business sector also expanded at 55.7, after November's 58.6.