Australia March jobs report: Employment change +5.9k (expected -30k)

Australian labour market survey was conducted in the earlier part of March

• survey period 1-14 March

That is, prior to

• the travel ban (20 March)
• social distancing initiatives (21 March)
• business shutdowns (23 March)

Results:

Employment Change: +5.9K … yeah, I did a double take, more than one

• expected -30K, prior +26.7K 25.6K (revised)
• Do note, ladies and gentlemen the survey conducted 1 - 14 March (see above) before the s**t was introduced to the fan

Unemployment Rate: 5.2%

• expected 5.4%, prior 5.1%

Full Time Employment Change: -0.4K

• prior was +6.7K +5.5k, revised

Part Time Employment Change: +6.4K

• prior was +20K

Participation Rate: 66.0%

• expected 65.9%, prior was 66.0%

I really need to get this in cut and paste format --> April will be much worse!

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Background:

• Here is a forecast of -90,000 for the Australian March employment report (& preview)
• two major data points coming up from Australia this week
• Australian jobs report due today - preview (spoiler - it won't be too bad ... yet)