Australia: Labour data undershoot – Nomura

Australia’s employment rose by a seasonally adjusted 4,900 persons in March, weaker than the consensus and Nomura estimate for a 20,000 gain, notes Andrew Ticehurst, Research Analyst at Nomura.

Key Quotes

“In addition, the February result was revised down to -6,300 from 17,500. The number of people recorded as unemployed fell by 2,400, keeping the unemployment rate at 5.5% (5.53% from 5.55%), while the participation rate fell by one-tenth, to 65.5%. As a result of weaker-than-expected job gains over February and March, hours worked rose by a relatively modest 0.3% q-o-q in Q1. By state, results were very mixed, with strong job gains recorded in Victoria but modest losses recorded in New South Wales, Queensland and South Australia.”