Australian jobless rate rises to 4.1% in April despite job gains

Australian economy: Australian employment rose more than expected in April, yet jobless rate increased as workforce growth outpaced job creation, indicating a grual loosening of labour market.

Figures released by Australian Bureau of Statistics on Thursday revealed a net employment increase of 38,500 in April from March, surpassing market expectations of a 23,700 rise. However, full-time employment decreased by 6,100 during month.

unemployment rate climbed to 4.1 per cent from an upwardly revised 3.9 per cent, exceeding market forecasts of 3.9 per cent. participation rate edged up to 66.7 per cent, while hours worked remained unchanged in April.

Stocks and or risk-sensitive assets, including Australian dollar, saw gains following data release. Australian dollar surged 1 per cent overnight, marking its sharpest one-day increase of year. It ded an ditional 0.1 per cent in early Asia tre, reaching a four-month high of $0.67.

(With Reuters inputs)