AUD: Solid Employment Report Not New for RBA – TDS
Research Team at TDS, suggests that the RBA has long-held the view that
the labour market is solid, for a while last year defying otherwise soft
economic growth.
Key Quotes
“As GDP accelerated to 3%/yr by end-2015, at last there was consistency between solid employment and decent GDP growth.
Employment
in March jumped by +26.1k (Feb revised from +300 to a small fall,
middle chart) with a shift into part-time (+35k) from full-time (-8.8k).
The participation rate stepped down from 65.1% in Jan to 64.9% in
February (revised) and remained there in March, hence the unemployment
rate fell to 5.7%, the lowest since September 2013.
The AUD could
not rally on the strong headlines as USD buying was dominating this
Asian session. The AUD at $US0.765 is somewhat of a relief after the
relentless rally from $US0.75 to $US0.772 over the past week.”
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