AUD: Labour report saw surprising drop of -9.8K vs. a 15K gain expected - Rabobank

Michael Every, Head of Financial Markets Research at Rabobank, suggests that today in Australia all eyes were on their random-number generator labour market report, which saw a surprising drop of -9.8K vs. a 15K gain expected, and with downward revisions to the previous month.

Key Quotes

“In particular, there was a -52K collapse in full-time employment - which in US payrolls equivalent would be of a drop of around 700K(!) – made up for by a surge of 43.2K in part-time jobs. Even if we assume these data are ‘real’, the picture is of good jobs being replaced by 'gig economy' jobs - or as I like to put it, swapping Iron Ore for Iron Abs (from miners to yoga teachers).”