13 Feb 2014
Australian prints worst unemployment rate since 2013
FXStreet (Bali) - Australian employment change for the month of January came at -3.4K vs +15K expected and -22.6K last, which means a significant blow in expectations. The jobless rate stood at 6% vs 5.9% expected and 5.8% last, which makes it the worst since 2003.
The full time employment change saw 7.1K being lost vs -31.6K last, while part time jobs were +3.4K vs 9K last.The participation rate stood at 64.5 vs 64.6% expected and 64.6% lat.
The data is a negative input for the Australian Dollar, and should raise some red flags at the RBA, despite the deterioration in the labour market is not something unexpected. That said, the acceleration of job losses might not sit well for the current neutral stance in monetary policy, thus today's event creates risk for the RBA to turn slightly more dovish in the next meeting as the downtrend in Australian jobs continues.
The full time employment change saw 7.1K being lost vs -31.6K last, while part time jobs were +3.4K vs 9K last.The participation rate stood at 64.5 vs 64.6% expected and 64.6% lat.
The data is a negative input for the Australian Dollar, and should raise some red flags at the RBA, despite the deterioration in the labour market is not something unexpected. That said, the acceleration of job losses might not sit well for the current neutral stance in monetary policy, thus today's event creates risk for the RBA to turn slightly more dovish in the next meeting as the downtrend in Australian jobs continues.