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The eighth wonder of the world, the Australian labour market, has defied other indicators again for January with a decent performance of creating 20k part time jobs while losing 13.8k full time. This beat expectations for total jobs growth by a smidge. The unemployment rate was flat at 5.4%, rescued in part again by the participation rate which fell to 0.1 to 65%.
The report was basically neutral but it appears that the dollar was looking for better and it’s looking like $1.03 is in trouble:
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UE will return with the deep report.
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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