Australia: Weaker employment data for March - TDS

Analysts at TDS note that it was a weaker than expected headline print on Aussie employment for March, printing at +4.9k vs market at +20k.

Key Quotes

“The split revealed a -19.9k drop in full time jobs against a +24.8k rise in part time jobs. Adding to the softer tone to today's report was the drop in the participation rate (albeit at multi year highs) and the sizeable downward revision to full time jobs in Feb from +64.9k to 20.1k, making it the 2nd time in 3 months that full time jobs have been shed. The unemployment rate was unchanged at 5.5% meaning there is further wood to chop if we are to see wage pressures building, given NAIRU at 5%.”