Forex

Australia’s Unemployment Rate Nears Three-Year Low

Published

8 years ago

September 15, 2016

Australia’s official unemployment rate has fallen to 5.6 per cent, despite the Bureau of Statistics estimating the loss of 3,900 jobs last month.

The headline jobless rate is now at its lowest level since the Coalition formed government under Tony Abbott’s leadership in September 2013.

The seemingly contradictory result stems from a steep fall in the proportion of the adult population in work or looking for it – the participation rate – from 64.9 to 64.7 per cent in August.

The decline in the number of people working also saw a fall in monthly hours worked, which eased by 3.9 million to 1,656 million hours.

That is despite the Bureau of Statistics saying that the census data collection would have added to hours worked last month.

“Of the majority of the persons who were employed for the census, most already had another job, but worked more hours during the month,” explained the program manager of the ABS Labour and Income Branch, Jacqui Jones.

Capital Economics has estimated that the census may still have boosted the employment numbers by around 10,000, meaning the fall in jobs was quite a bit bigger than it looked.

There was some good news in the seasonally adjusted data’s detail, however, with an estimated 11,500 full-time positions added, while it was 15,400 part-time jobs that were lost.

Although, Capital Economics said that figure is also likely to have been skewed by the 49,000 people temporarily employed to work on the census in August.

Because many of those people had existing part-time jobs, the extra census work would have pushed some into the category of being employed full-time.

ABS says trend of part-time jobs, underemployment continues

However, the less volatile trend figures, which are preferred by the ABS and most economists, show that the shift towards part-time employment is continuing.

“The latest labour force release shows continued strength in part-time employment growth, with the majority coming from increasing male part-time employment,” Ms Jones said.

Since December 2015, there are now around 105,300 more persons working part-time, compared with a 21,500 decrease in those working full-time.”
This rise in part-time work is also showing through in the underemployment rate, with a 0.3-percentage-point rise to 8.7 per cent of the workforce who would like more hours of work than they are currently performing.

That has put the quarterly labour force underutilisation rate – which combines those unemployed with those who are not getting as much work as they want – at 14.3 per cent, up 0.1 of a percentage point.

Commonwealth Bank economist Gareth Aird said the underemployment rate is now at a record high, which explains a few underperforming aspects of Australia’s economy.

“This indicates that there is plenty of spare capacity in the labour market,” he observed.

“It underpins both incredibly weak wages growth and below target inflation.”

The trend unemployment figure showed a steady labour market, with the jobless rate stuck at 5.7 per cent.

Economists surveyed by Bloomberg were typically expecting unemployment to remain steady at 5.7 per cent, with around 15,000 jobs added.

The Australian dollar dropped around 0.2 of a cent to 74.6 US cents shortly after the 11:30am (AEST) data release, with the disappointing detail outweighing the headline drop in the unemployment rate.

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Naira

Black Market Dollar to Naira Exchange Rate Today 17th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 17th, 2024 stood at 1 USD to ₦1,540.

Published

2 days ago

May 17, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 17th, 2024 stood at 1 USD to ₦1,540.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,560 and sold it at ₦1,550 on Thursday, May 16th, 2024.

This indicates a slight improvement in the Naira exchange rate when compared to today’s rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in the black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,540
Selling Rate: ₦1,530

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Forex

SEC and ABCON Explore Collaboration for ‘Kolectyomoni’ Digital Currency Platform

Published

2 days ago

May 17, 2024

Samed Olukoya

The Association of Bureaux De Change Operators of Nigeria (ABCON) has initiated talks with the Securities and Exchange Commission (SEC) to explore collaboration on its upcoming digital currency market platform, ‘Kolectyomoni’.

This move was underscored during an official visit by ABCON representatives to the newly appointed Director General of the SEC, Dr. Timi Agama. Aminu Gwadabe, President of ABCON, conveyed the association’s eagerness to engage with SEC to ensure the smooth operation of its digital currency platform.

Gwadabe emphasized that ABCON recognizes the regulatory oversight of SEC in the financial sector and seeks its guidance to navigate the complexities of the digital currency market.

He pointed out that while digital currencies hold immense potential for financial inclusion and innovation, they also present regulatory challenges that require collaborative efforts between industry stakeholders and regulatory bodies.

Highlighting the significance of embracing digital currencies, Gwadabe noted, “The future of BDC’s business is digital currency.”

He stressed the growing adoption of digital currencies among Nigerians, citing statistics that reveal a rising number of participants in the digital currency ecosystem, with a substantial market size of $9 billion annually.

In response, Dr. Timi Agama expressed SEC’s openness to support and facilitate the growth of the digital currency sector in Nigeria.

He acknowledged ABCON’s initiative in launching the ‘Kolectyomoni’ platform and assured of SEC’s cooperation in providing regulatory guidance and oversight.

Agama reaffirmed SEC’s commitment to fostering innovation in the financial sector while ensuring investor protection and market integrity.

He underscored the importance of collaboration between regulators and industry players to develop robust frameworks that foster innovation and safeguard against potential risks.

Furthermore, Agama encouraged ABCON to finalize the development of the ‘Kolectyomoni’ digital currency platform and submit it to the SEC for thorough review and assessment by the technical team.

He emphasized the need for timely regulatory oversight to address emerging trends in the digital currency market and maintain regulatory compliance.

Naira

Black Market Dollar to Naira Exchange Rate Today 16th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 16th, 2024 stood at 1 USD to ₦1,560.

Published

3 days ago

May 16, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 16th, 2024 stood at 1 USD to ₦1,560.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,530 and sold it at ₦1,520 on Wednesday, May 15th, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.