In another solid performance in the Aussie jobs market, Australia’s February Employment change arrived at +88.7K vs the expected +30K, a huge beat, with the Unemployment rate at 5.8% which was better than the expected 6.3%, down from a peak of 7.5% in July.
Jobs details
Employment Change: +88.7K vs the expected +30K, prior +29.1K
Unemployment Rate: 5.8% vs the expected 6.3%, prior 6.4%
Full-Time Employment Change: +89.1K vs the prior +59.0K
Part-Time Employment Change: -0.5K vs the prior -29.8K
Participation Rate: 66.1% vs the expected and prior 66.1%.
”The labour market has had a sharp V-shaped recovery, much stronger than anticipated,” analysts at Westpac explained.
”However, the state data reveals the impact of further lockdowns, and reopenings, with employment surging in Victoria while it stalled in NSW.”
”In addition, the recovery has been dominated by male part-time employment.”
Nevertheless, AUD/USD is marginally higher on the data by 22 pips.