Preview of the employment data for November due from Australia today
0000GMT - Consumer Inflation Expectations for December, prior was +3.5%
0030GMT is the focus for the session, November Employment report
Employment Change is the 'headline' data:
- expected -10.0K, prior 58.3K
Unemployment Rate is the other 'headline' figure:
- expected 6.0%, prior 5.9%
Full Time Employment Change
- prior was 39.7K
Part Time Employment Change:
- prior was 18.6K
Participation Rate
- expected is 65.0%, prior was 65.0%
The latest employment data from Australia (October) confirmed a brisk pace of jobs growth (+2.7% y/y, up from +2% in September). This is a cracking pace, and, well, without wishing to sound like a curmudgeon (thats what you say when you're about to sound like a curmudgeon) its most likely too good to be true. Hence there is expected to be some 'give back' today.
As an Aussie, nothing would give me greater pleasure than to be wrong on this, but as a trader .... well I expect a fall in the headline employment figure today. The consensus median is -10K for the headline, but a bigger negative wouldn't be a surprise for me, maybe in the -15K to -18K range.
I'll be back with levels for the AUD.
