10 Oct 2013
Australian jobs soft, jobless rate down to 5.6%
FXstreet.com (Barcelona) - The Australian jobs report for the month of September came mixed overall, with total jobs created at +9,100 vs 15,000 expected and -10,800 last, while the jobless rate was 5.6% at vs 5.8% forecast and 5.8% last. Full-time hiring saw 5,000 vs -2,600 prior, while part-time employment was 4,100 vs -8,200 last. Participation rate stood at 64.9%, lowest since Nov 2006.
Report is neutral for the outlook of monetary policies by the RBA
A recent trend of expanding manufacturing activity, growing confidence, surging house prices and expectation for more aggressive fiscal spending has been recently noted in Australia, raising the prospects of a new growth-cycle developing in the country. One of the missing pieces for many investors, however, is still the softening Australian labour market. With today's data, market participants will have to remain on 'wait and see' mode until the picture clears up.
Report is neutral for the outlook of monetary policies by the RBA
A recent trend of expanding manufacturing activity, growing confidence, surging house prices and expectation for more aggressive fiscal spending has been recently noted in Australia, raising the prospects of a new growth-cycle developing in the country. One of the missing pieces for many investors, however, is still the softening Australian labour market. With today's data, market participants will have to remain on 'wait and see' mode until the picture clears up.