Unemployment hits 6%

The ABS has released its Labour Force survey for January and it’s confidence-eroding news:

• Employment decreased 3,700 to 11,459,500. Full-time employment decreased 7,100 to 7,953,000 and part-time employment increased 3,400 to 3,506,500.
• Unemployment increased 16,600 (2.3%) to 728,600. The number of unemployed persons looking for full-time work increased 20,700 to 547,200 and the number of unemployed persons looking for part-time work decreased 4,100 to 181,400.
• The unemployment rate increased 0.1 pts to 6.0%, based on unrounded estimates.
• Participation rate unchanged at 64.5%.
• Aggregate monthly hours worked increased 20.5 million hours to 1,635.8 million hours.

The dollar was smoked the better part of a cent, took out the 90 cent base it’s been building and fell heavily against all of the crosses:

But it’s a reserve currenceeeeeeeee…….

Detailed post coming from UE.