The unemployed people rate which is also called Jobless Rate is the percentage of the total workforce that is unemployed and actively seeking employment during the previous month.
Lauren Ford, head of labor statistics at the ABS, said: “With employment decreasing by around 15,000 people, and the number of unemployed increasing by 6,000 people, the unemployment rate remained steady at 3.5 per cent.”
The actual amount announced was 3.5% which is just like the prior amount though 3.4% was the forecast amount; additionally ‘Actual’ less than ‘Forecast’ is good currency for traders who care about the news.
But why Traders Care about?
The number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions, Although it’s generally viewed as a lagging indicator.