The results are here.
- While the unemployment rate fell, so did the participation rate.
- Total hours worked fell 0.7% m/m
- Employment to population ration fell to 61.6% from 61.7%
- Total employment grew by 1.1% y/y
- Full time employment has grown 0.5% y/y
- Part-time employment grew 2.4% y/y
I’ve already mentioned the volatility of this report recently. The report has come in better than expectations, but it isn’t a strong report. Nevertheless, futures have cut the chances of a July rate cut from 44% before the report to 29% now.
The Australian dollar reacted with more volatility (as high as 0.9520 then back to 0.9430) and it sits now just above 0.9450, off its lows for the day, but down a little from opening levels. Liquidity is lower than normal.
