Australia October employment report
Employment Change: +58.6K that's HUGE!
- expected +15K, prior -0.8K, revised from -5.1K
Unemployment Rate: 5.9%
- expected 6.2%, prior 6.2%
Full Time Employment Change 40.0K
- prior was -10.4K, revised from -13.9K
Part Time Employment Change 18.6K
- prior was +8.9K
Participation Rate 65.0 %
- expected is 64.9%, prior was 64.9%
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This is a big, big positive for the Australian economic outlook
HUUGE jump in the headline result, but the details are also excellent
- Big jump in full time employment, big drop in the unemployment rate, and a jump in the participation rate
The questioning of the data will begin soon (if it hasn't already) ... but the immediate reaction is a taking out of the stops on the topside (you heard it here first)
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OK, ladies and gentlemen ... this is a big positive for the Australian economy and wipes any potential RBA rate cut off the table for a good while (at least 'til the next employment report lottery ;-) )
BUT ... don't get carried away buying the AUD ...
As I said ... stop loss buyers cleared out but hanging over the AUD/USD (and others, of course) is the potential fed rate hike in December. And more.
more to come
