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12 Dec 2013
Flash: Look for a better Aus headline jobs number - Westpac
FXstreet.com (Bali) - Australia’s weekly data highlight is due at 00.30GMT, time when the November labour force data is published, notes Sean Callow, FX Strategist at Westpac.
Key Quotes
"Job creation has been pitiful in recent months, -16K total jobs over the last 6 months. This seems a little too weak for an economy that is still growing moderately, with hours worked picking up in Oct. Hence we look for a better headline jobs number, +15K versus the familiar +10K consensus."
"The 1SD range of forecasts is 5K to +18K after +1K in Oct. The participation rate in Oct of 64.8% was the lowest since 2006. We see this ticking up to 64.9%, which gives us an unemployment rate of 5.8%, in line with consensus and compared to Oct’s 5.7%."
Key Quotes
"Job creation has been pitiful in recent months, -16K total jobs over the last 6 months. This seems a little too weak for an economy that is still growing moderately, with hours worked picking up in Oct. Hence we look for a better headline jobs number, +15K versus the familiar +10K consensus."
"The 1SD range of forecasts is 5K to +18K after +1K in Oct. The participation rate in Oct of 64.8% was the lowest since 2006. We see this ticking up to 64.9%, which gives us an unemployment rate of 5.8%, in line with consensus and compared to Oct’s 5.7%."