ONLY CHARTS #328
Aus labour market
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1. Australia’s monthly labour force release isn’t affectionately known as a “lottery” for nothing…
Measured employment rose a much stronger-than-expected +89k m/m (+0.6% m/m) in April. The employment-to-population ratio jumped 0.3ppts to 64.4% alongside a similar rise in the participation rate to 67.1%.
The single best indicator from the labour force release in our view is the unemployment rate, which rose very slightly from 4.05% to 4.07%.
Looking through the noise, the jobless rate and employment-to-population ratio have broadly tracked sideways for 6 months or more.
2. The unemployment rate has been tracking below the RBA’s February SMP forecast.
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