Earlier posts on the data:- Australia data: (Jan) Employment change +13.5K (vs. +10K expected)
- 2000 words on the Australian employment report (actually two pics)
JPM:
- The break down between part time and full time is not good
- Jobs market remains in tepid recovery and has lost steam
- Notes only small improvement in unemployment rate over the past 12 months
- Job gains are titled towards services ... more part-time, lower attachment, lower average hours
- Difficult to see how income growth & consumption will grow in the near-term
- Difficult to see how labour market slack will be eroded
Westpac:
- A disappointing update on the labour market
- The fall in unemployment resulting from a decline in participation
- Return of female/part-time employment at the expense of male/full-time employment suggests the recovery in the manufacturing sector has run its course
- However, a promising sign with a further gain in total hours worked driven by ongoing rise in hours worked per full-time employee
UBS
- Trends in the labour market over recent months show ongoing modest jobs growth
- But negative full-time contrasted by booming part-time
- Unemployment rate holds around 5.75%
- Implies little change in labour market slack ... consistent with our view of low inflation and wages
- Leading indicators of employment continue to suggest somewhat better jobs growth over coming months
- For now, the jobs data is broadly consistent with the RBA remaining on hold ahead
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