The vomitous jobless rate jump somewhat offset by the big jump in employment. But its all in part-time while full-time shrunk. Its not hard to imagine this is firms shedding full time workers and replacing them.
AUD/USD is having a bit of a hard time making sense of this. Let me clear it up. This is a horrible result.
It'll put another nail in the coffin of the thought of RBA rate hikes. They are not going to cut any time soon either.
More:
- m/m change in hours worked flat
- underemployment 6.6% (prior 6.5%)
- Underutilization 10.7% (prior 10.3%) ... this combines the unemployment and underemployment rates
