Australian dollar marked lower on the jobs drop:
Employment Change -52.8K … very ugly
- expected +30K, prior +44K
Full-Time Employment -35.7K
- prior +54.1K
Part-Time Employment -17.1K
- prior-10.1K
Unemployment Rate 4.1%
- expected 4.1%, prior 4.1%
Participation Rate 66.8%
- expected 67.3%, prior 67.3%
***
Well, that is a terrible result on the jobs change number,
- 80K lower than expected
- and 90K lower than last month
But …
- the unemployment rate remains unchanged
But …
- the participation rate fell in a heap
I’m done with the excuses, this is a poor report.
At the margin, it’ll improve the prospects for RBA rate cuts.
This article was written by Eamonn Sheridan at www.forexlive.com.