Aussie jobs data is in: In-line Unemployment Rate and no changes keeps AUD/USD

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The Aussie jobs data has arrived and it has helped the Aussie higher on inline Unemployment Rate and no changes.

  • Fulltime Employment (Mar)  48.3K   vs  prior – 7.3k
  • Employment Change s.a. (Mar) 15k  vs exp 12.0k and prior 4.6 k (10.7k rev)
  • Part-Time Employment (Mar) – 22.6k   vs prior 11.95
  • Unemployment Rate s.a. (Mar) 5.0% vs exp 5.0% and prior 4.9% (Uptrend in the unemployment rate would open the door to a rate cut).
  • Participation Rate (Mar) 65.7% vs exp 65.6%  and prior 65.6%

More to come on revisions…

For reference (Bank Analysis and opinion prior to the data): 

Analysts at Westpac explained that the RBA has made clear that an uptrend in the unemployment rate would open the door to a rate cut.

After the modest 5k rise in Feb, consensus for Mar is 15k. Westpac looks for 8k. This would keep the annual pace of jobs growth at a firm 2.3%. But if the participation rate remains at 65.6%, this would see the unemployment rate rise to 5.1% from 4.9% in Feb (a low since Mar 2011). Consensus is 5.0%.

About the Employment Change

The Employment Change released by the Australian Bureau of Statistics is a measure of the change in the number of employed people in Australia. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Therefore, a high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).

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