FXStreet (Bali) – Today’s Australian jobs number is the equivalent of 783K jobs added on a US payrolls survey, notes Michael Every, Head of Financial Markets Research Asia-Pacific at Rabobank.
Key Quotes
“This morning saw the Australian Bureau of Statistics (ABS) produce a jobs report that looks more “Duck Soup” than “No soup”.
“Apparently an economy growing well below trend, with a post-China slump in mining and no sign of inflationary pressures, saw unemployment plunge 3 ticks to 5.9% and employment leap 58.6K in a single month – the equivalent of 783K jobs added on a US payrolls survey!”
“We’ve seen outliers like these before recently, and indeed the last example was subsequently revised away by new methodology.”
“For the RBA, which has made clear it has an easing bias, the data will obviously push back rate cut expectations, push AUD way higher, and push opinions of the ABS way lower.”
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