Australian labour market report
Unemployment Rate 4.5% – an ugly result that’ll reignite expectations for an RBA rate cut on November 4.
expected 4.3%, prior 4.2%4.5% is approaching a four year jobless rate high
Employment Change +14.9K
expected +17K, prior -5.4K
Participation Rate 67.0%, a higher result will take a little of the sting out of the jump in unemployment
expected 66.8%, prior 66.8%
Part-Time Employment +6.2K
prior +35.5K
Full-Time Employment +8.7K
prior -40.9K
Like I said above, this report ramps up expectations for a cut from the Reserve Bank of Australia at its next meeting, on November 3 and 4. The Bank wouldn’t respond to just one report but August was really weak also. There is still CPI data to come before the November meeting:
due on October 29
but it’d have to be climbing rapidly to prevent a cut in November now.
This article was written by Eamonn Sheridan at investinglive.com.