December 12, 2024 at 12:42AM
Data post is here:
Australia November unemployment rate 3.9% (vs. 4.2% expected)… did a double take on thatIt took me a few moments to slot that 3.9 figure into the headline and then to actually hit ‘publish’ … I was not expecting such a strong surprise (yeah, I know … if I was expecting it it wouldn’t have been a surprise!).
Solid jump in full time jobs.
Jobless rate back under 4%
participation did slip a little though
Oz dollar liked it:
The response from analysts has been that this report today diminishes the prospect of a February rate cut from the Reserve Bank of Australia. Which is probably fair, but the Bank’s focus is on inflation, the jobs market has not been slumping so these labour market reports have not been too much of a focus – they would have been if employment was not growing.
This article was written by Eamonn Sheridan at www.forexlive.com.
