The ABS has released the April labour market survey and it’s a dud:
TREND ESTIMATES (MONTHLY CHANGE)
- Employment increased to 11,725,000.
- Unemployment decreased to 767,500.
- Unemployment rate decreased less than 0.1 pts to 6.1%.
- Participation rate remained steady at 64.8%.
- Aggregate monthly hours worked increased 6.9 million hours to 1,643.7 million hours.
SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)
- Employment decreased 2,900 to 11,724,600. Full-time employment decreased 21,900 to 8,115,900 and part-time employment increased 19,000 to 3,608,600.
- Unemployment increased 7,000 to 769,500. The number of unemployed persons looking for full-time work decreased 2,700 to 541,500 and the number of unemployed persons only looking for part-time work increased 9,800 to 228,000.
- Unemployment rate increased 0.1 pts to 6.2%.
- Participation rate decreased 0.1 pts but remained at 64.8%, based on unrounded estimates.
- Aggregate monthly hours worked increased 17.8 million hours (1.1%) to 1,651.9 million hours.
4k jobs expected so not a big miss. Some offset in hours worked. Much more to come. Dollar dumped 20 pips.