According to analysts at TD Securities, Australian employment in the early months of 2019 has been strongly tilted towards full-time (+112k vs -41k) and so the seasonally-neutral April report may have a decent +17k lift in jobs, but the odds are tilted towards them all being part-time.
Key Quotes
“In the 7 May Policy Statement, the RBA made clear it is firmly focused on further progress in lowering the unemployment rate. We look for a small lift to 5.1%, nothing to a central bank, but combined with a fall in full-time employment could temporarily weigh on the AUD and give July OIS rate cut odds a boost.”
“RBA Assistant Governor Bullock speaks about financial stability at an ASIC forum in Sydney a short while afterwards.”
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