Analysts at TD Securities point out that following on the heels of GDP data released last week showing Aussie growth jumping to a 6yr high in Q2, the jobs report for Aug easily beat market forecasts, with all metrics coming in better than forecast.
Key Quotes
“Headline +44k, vs mkt at +18k, solid gains were posted in full time (+33.7k) and part time jobs (+10.3k) – unemployment remained at 5.3%, near 6yr lows and this was despite the rise in the participation rate from 65.6% to 65.7%.”
“Today’s data also included quarterly releases on underemployment and underutilisation. Underemployment fell -0.3% to 8.1% and the underutilisation rate (underemployment + unemployment rate) fell -0.4% to a 5yr low of 13.4%.”
“Today’s outcome should please the RBA and convince it that slack in the economy is gradually being absorbed.”
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