AUD/USD has been marked lower on the disappointing (well, ugly) labour market report for January 2023. The downshift in the jobs numbers will prompt some rethinking of the extent of RBA rate hikes ahead. Shockingly high inflation still needs to be addressed though.
Employment Change: -11.5K for a big miss and the second consecutive decline in jobs
- expected 20K, prior -14K
Unemployment Rate: 3.7%
- expected 3.5%, prior 3.5%
- underutilisation rate 9.8%
- 3.7% is historically very low, but it is an 8 month high
Full-Time Employment Change: -43.3K
- prior was +17.6K
Part-Time Employment Change: +31.8K
- prior was -32.2K
Participation Rate: 66.5%
- expected 66.6%, prior was 66.6%
- participation fell, the jobless rate may very well have been higher had this remained the same as in December
more to come
- Seasonally adjusted monthly hours worked -2.1%
---
Background to this:
