Australia reported net 6.6K job losses in March 2024 instead of the estimated 7.2K increase in hiring, far below the earlier 117.6K gain, bringing the unemployment rate up from 3.7% to 3.8%.
Underlying data showed that the losses were mostly due to declines in part-time employment, which fell by 34.5K, offsetting the gains in full-time hiring of 27.9K.
- Net employment change: -6.6K (+7.2K forecast, +117.6K previous)
- Unemployment rate: 3.8% (3.9% forecast, 3.7% previous)
- Full-time employment up by 27.9K
- Part-time employment down by 34.5K
- Labor force participation rate down from 66.7% to 66.6%
Although the jobless rate was still a notch lower than the 3.9% consensus, components of the figure revealed that labor force participation dipped from 66.7% to 66.6% to reflect weaker confidence in the jobs market.
Link to Australia’s employment change report for March 2024
Market Reactions
Australian Dollar vs. Major Currencies: 5-min
Overlay of AUD vs. Major Currencies Chart by TradingView
The Aussie was already starting to sell off prior to the release of the actual jobs figures, as market players were likely pricing in a disappointing read.
Interestingly enough, AUD pulled higher upon seeing the actual numbers, possibly due to profit-taking off the earlier short positions.
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