Despite a 0.2% rise in the unemployment rate to 5.1% for May, Australian Bureau of Statistics labour force data released today revealed the number of people employed increased by 38,900 to 11.5 million.

Patersons Securities economist Tony Farnham described the figures as “unbelievably strong”

“The May jobs data were at odds with anecdotal evidence out there at the current time, which point to tougher labour markets across non-mining sectors that have major operations along the Australian eastern seaboard,” he said in a report.

Farnham said further aggressive interest rate cuts by the Reserve Bank of Australia should not occur unless global economic “calamities” got worse.

The jobs news further boosted the dollar which was edging back towards parity at US99.5c as of 4pm AEST.

The S&P/ASX 200 was in positive territory all day, reaching an intraday high of 4118.2 points before closing on 4108.6 points, a 55.3-point or 1.3% rise.

Most sectors, including miners, moved higher.

Rio Tinto gained 2.1% or $A1.17 to $55.42, BHP Billiton added 1.5% or 48c to $31.58 and Fortescue Metals Group rose 2.9% or 13c to $4.68.

After a 25% increase to 8.7c yesterday, Platinum Australia told the ASX it was assessing capital requirements and merger opportunities after receiving a speeding ticket.

PlatAust shares gained a further 0.2c to 8.9c.

Forte Energy shares slumped 26% to 2c after announcing a discount placement to raise $3.3 million for its African uranium projects.

Jupiter Mines jumped 23% or 4c to 21c on no news.