The ABS has released October Labour Force and the news is mixed:
SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)
- Employment increased 3,700 to 12,297,100. Full-time employment increased 24,300 to 8,425,400 and part-time employment decreased 20,700 to 3,871,700.
- Unemployment decreased 8,100 to 701,500. The number of unemployed persons looking for full-time work remained steady at 485,900 and the number of unemployed persons only looking for part-time work decreased 8,100 to 215,600.
- Unemployment rate decreased 0.1 pts to 5.4%.
- Participation rate decreased 0.1 pts to 65.1%.
- Monthly hours worked in all jobs increased 4.6 million hours (0.3%) to 1,723.7 million hours.
Job creation missed but markets liked hours worked and UE rate decrease even though it’s related to a fall in the participation rate.
The Aussie was up 20 pips despite what looks like a jobs market deceleration. Oversold I guess.
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More to come.
