Australian employment rose by 38,500 in April, with the unemployment rate climbing to 4.1%, up from the previous month's 3.9%. Despite the increase, the labor market remains robust, posing challenges for inflation targets, as indicated by the Reserve Bank's downward revision of jobless rate projections. The Australian Bureau of Statistics attributes the rise in unemployment to an increase in job seekers and individuals awaiting job commencements.
At 11:30am, the S&P/ASX 200 is 1.67 per cent higher at 7,883.50.
The SPI futures are pointing to a rise of 106 points.
Best and worst performers
The best-performing sector is REITs, up 3.44 per cent. The worst-performing sector is Energy, down 0.03 per cent.
The best-performing large cap is Aristocrat Leisure (ASX:ALL), trading 10.19 per cent higher at $44.89. It is followed by shares in Xero (ASX:XRO) and Pro Medicus (ASX:PME).
The worst-performing large cap is Amcor plc (ASX:AMC), trading 1.6 per cent lower at $15.42. It is followed by shares in JB Hi-Fi (ASX:JBH) and Whitehaven Coal (ASX:WHC).
Commodities and the dollar
Gold is trading at US$2400.20 an ounce.
Iron ore is 0.8 per cent lower at US$114.15 a tonne.
Iron ore futures are pointing to a 1.62 per cent rise.
One Australian dollar is buying 66.92 US cents.
