The Australian November employment report data is here:
Comments from Westpac now, this in brief (bolding mine):
Employment holding a solid pace into year-end
jump in the unemployment rate … due to a 0.2ppt lift in participation … sample volatility had a role to play
- we would not define the November rise in unemployment as a softening in labour market conditions.
what does suggest a softer tone for November was that all gains in employment were part-time
- Also on the soft side, hours worked fell -0.2
- In the year to November total hours worked are up just 1.1%yr which is quite a bit softer than the 2.3%yr pace in total employment.
this update on the labour market would give the RBA some comfort on how the Australian economy was tracking
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AUD/USD little changed since the data:
