Australian jobs report recap – “remains in relatively solid health”

The data is here from earlier:

• Australian October unemployment rate 4.1% (vs. 4.1% expected)
• AUD/USD little changed after the October employment report showed a steady jobless rate
  • (ps. AUD/USD has slid a little since this post, broadly stronger USD the culprit)

Westpac with the recap, in brief:

Australian labour market remains in
relatively solid health

• employment growth slowing broadly in line with population growth
• average hours holding steady
• few signs that labour demand is
  capitulating to an extent that warrants concern
• labour market
  conditions remain somewhat tight … this is not translating to stronger wage inflation pressures
• On balance, today’s update will see the RBA continue to remain focused
  on the dynamics around underlying inflation.

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Speaking of the RBA, we heard from Bullock earlier, not dovish:

• RBA Bullock says rates are restrictive enough, staying there until confident on inflation

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AUD/USD update:

This article was written by Eamonn Sheridan at www.forexlive.com.