2017.12.1323:55:00UTC+00Australian Dollar at 1-Month Peak as Jobless Rate Near 5-Year Lows

The Australian dollar rose to a one-month peak on Thursday after the jobless rate remained steady for the third straight month in November while number of full time roles increased.

According to the Australian Bureau of Statistics, the jobless rate stood at 5.4 percent for the third month in a row and is also at its lowest level since 2013. The participation rate jumped to 65.5 percent, highs not seen since early 2011.

Australian employment grew the most in over two years and is extending a run of 14 consecutive month of gains.

According to figures from the ABS, 61,600 net new jobs were added in November, compared with forecasts for an 18,000 rise and above an upwardly revised 7,800 gain in October. The number of full-time jobs rose in November with 41,000 jobs added. October's figures were revised upwards to 31,000 full-time roles from 24,300.

Following the publication of the data, the aussie increased by 0.4 percent against the greenback to $0.7668, a one-month peak.

The data will be welcomed by the Reserve Bank of Australia which is hoping the strong run in employment would ultimately lead to higher wages growth and inflation.

However, it appears that companies are not so keen on paying workers more, which left wage growth near record lows. Wage growth is moving at 2.0 percent, only slightly above inflation of 1.8 percent. This weighs on the spending power of Australian consumers who are already facing a mountain of debt.

Latest figures showed that Australia's economy picked up at an annual 2.8 percent pace in the third quarter.