Markets are confused by the Aussie jobs report with larger than expected job losses, and dire underemployment, but a tiny rise in unemployment. So the AUD has slid a little:
Bonds are bid:
XJO is down modestly again despite weak overnight leads:
Big Iron is the story of one firm now:
Big Gas is off:
Big Gold is revving again:
I’ll say it again, Big Banks are not well:
But downstream, Big Chunt trades off the Nasdaq. Which only goes to prove how short of tech Australia is:
And no, I do not think that the ASX bath of blood is drained.
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.
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.
Latest posts by David Llewellyn-Smith (see all)
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hope not.
“…a tiny rise in unemployment” Hah! It’s not known as “DoleHider” for nothing. Give it time. Right now many people / businesses are largely in a state of suspended animation drip fed on a Government (money) feeding tube – Zombies. Wait until Sept when the Gov gets tired of supporting all those ‘leaners’ and pulls the tube. Lets see how the UE rate looks then.
Hibernation mate, hibernation…. The difference is that the jobs are sleeping and will wake up very soon and things will back to normal.
OR
Whilst people’s jobs are in hibernation, they will be dragged into banks “weekend at bernies” style and will sign huge mortgages! Boom, back to normal!
The Bank’s “weekend at bernies”. hehehehehe. Yeah, that moment is coming. Plenty of people invited too I suspect.
Bullish because people have given up!
“Wonder downunder continues: jobless rate only increased to 6.2% in April vs 8.2% consensus forecast as a result of reduced participation rate. Impressive”
https://twitter.com/cjoye/status/1260744603843522563
Yep. And the whole “Work for 1 hour paid and you’re not unemployed” is bollocks too. Numberwang 101.
How the fvck can he look at himself in the mirror and not be embarrassed after posting that drivel? ………. Impressive LOL.
That’s a good point actually. Where is the credibility of such a post? Oz UE numbers are great because the economy is so bad that people have given up entirely. As a result, the UE number is lower than forecast – therefore things must be impressive and most excellent. We know this as the UE number is lower than it should be. Boom times clearly. WTAF? You would back away from someone who tried to argue that sitting next to you on the bus!
Jesus, that participation rate! that is concerning.
Homer Simpson’s parental advice seems appropriate here: “Son, if you can’t win, don’t try”.
Trying is the first step to failure.
Now you tell me!!!