Employment Change is the headline figure
Employment Change, -9.8K BIG MISS
- expected 15K, prior -3.9K
Unemployment Rate, 5.6% BEAT
- expected 5.7%, prior 5.6%
Full Time Employment Change, -53.0K HUGE drop from previous
- prior was 11.5K
Part Time Employment Change, +43.2 K
- prior was 15.4K
Participation Rate, 64.5% ... big drop
- expected is 64.8%, prior was 64.7%
The Australian Bureau of Statistics tells us to look at the 'trend' numbers:
- Trend employment increased by 3,900
- Trend part-time employment growth, increase of 11,800
- Trend full-time employment decreased by 7,900
- Trend monthly hours worked increased by 2.2 million hours (0.1 per cent)
- Trend unemployment rate decreased slightly (by less than 0.1 percentage points) to 5.6 per cent, and the participation rate decreased 0.1 percentage points but remained steady at 64.7 per cent in rounded terms.
The FX market responds to the seasonally adjusted data, not the trend, and as you can see from those in the first set of numbers above, a very poor report for 'employment change'. Confounding this and softening the blow a little is the drop in the unemployment rate (further complicated, of course, by the drop in participation ... which of course is even further complicated by the participation rate swinging around with the employment to population ratio... sheesh)
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Also out at the same time:
NAB Q3 Business Confidence, 5
- prior 2
more to come
