Australia's September employment report came at -9.8k vs 15k exp and -3.9k last, with full time job creation at -53k, while part time jobs came at 43.3k. The participation rate stood at 64.5% vs 64.8% exp, while the unemployment rate was 5.6% vs 5.7% last. The report is a major disappointment that will most likely keep the RBA very cautious in its approach. Should the Australian Q3 CPI read next week come weak, the case for a rate cut certainly increases.
SEPTEMBER KEY POINTS
TREND ESTIMATES (MONTHLY CHANGE)
- Employment increased 3,900 to 11,959,500.
- Unemployment decreased 3,100 to 715,100.
- Unemployment rate decreased by less than 0.1 pts to 5.6%.
- Participation rate decreased by less than 0.1 pts, but remained at 64.7% in rounded terms.
- Monthly hours worked in all jobs increased 2.2 million hours to 1,660.4 million hours.
SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)
- Employment decreased 9,800 to 11,947,200. Full-time employment decreased 53,000 to 8,105,300 and part-time employment increased 43,200 to 3,841,900.
- Unemployment decreased 12,500 to 705,100. The number of unemployed persons looking for full-time work decreased 7,400 to 492,300 and the number of unemployed persons only looking for part-time work decreased 5,100 to 212,800.
- Unemployment rate decreased 0.1 pts to 5.6%.
- Participation rate decreased 0.2 pts to 64.5%.
- Monthly hours worked in all jobs increased 4.0 million hours to 1,660.0 million hours.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD holds positive ground above 1.0750 ahead of Eurozone PMI, PPI data
EUR/USD trades in positive territory for the fourth consecutive day near 1.0765 during the early Monday. The softer US Dollar provides some support to the major pair. Traders await the HCOB Purchasing Managers’ Index (PMI) data from Germany and the Eurozone, along with the Eurozone PPI.
GBP/USD rises to near 1.2550 due to dovish sentiment surrounding Fed
GBP/USD continues its winning streak for the fourth consecutive day, trading around 1.2550 during the Asian trading hours on Monday. The appreciation of the pair could be attributed to the recalibrated expectations for the Fed's interest rate cuts in 2024 following the release of lower-than-expected US jobs data.
Gold price rebounds on downbeat NFP data, softer US Dollar
Gold price snaps the two-day losing streak during the Asian session on Monday. The weaker-than-expected US employment reports have boosted the odds of a September rate cut from the US Federal Reserve. This, in turn, has dragged the US Dollar lower and lifted the USD-denominated gold.
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Bitcoin Cash is the current mania in the Cardano ecosystem following a proposal by the network’s executive inviting the public to vote on X, about a possible integration.
Week ahead: BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.