FXStreet (Delhi) – Prashant Newnaha, Rates Strategist at TD Securities, notes that the Australian Employment for Oct beat TD’s and the market’s forecast (+10k and +15k respectively) by a wide wide margin, posting a 58.6k rise , led by a 40k increase in full time jobs.
Key Quotes
“All aspects of this report were strong, the unemployment rate dropping to 5.9% (from 6.2%) even with the participation rate nudging up from 64.9% to 65%. There were also positive revisions to the September data.”
“Today’s data has annual employment growth now at 2.7%, growth we have not seen for 5 years. No doubt the market will have trouble digesting this report at face value. However we believe today’s report is representative of a firming in the domestic labour market. Our complete thoughts can be accessed here.”
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