The latest Australian jobs report showed a very strong result, but the bulk of the jobs added were part-time which took some of the shine off the headline:
As the data is digested its showing the 3 month average of employment figures is back in the rise, for the first time since May of this year and the biggest rise in monthly hours since April. The ongoing strength of demand for labour will continue to pressure wages higher. earlier in the week we had data on wages showing the q/q gain as the strongest quarterly growth rate in the data series 26-year history. It not easy to see this falling away too much given the gaining demand for labour.
AUD/USD update:
