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Economic Statistics: Aussie Employment Data Disappoints

Posted by Akhilesh Ganti on Apr 10, 2013 9:30:00 PM

Australian employment data came out at -36.1k which was much weaker than market estimates of -7.5k and the unemployment rate rose to 5.6%, the highest since 2009. Part time employment saw the biggest change as it fell by 82.4k while full time employment declined by 25.2k over last months data. The only silver lining was the upward revision from 71.5k to 74k to last months surprisingly robust number. AUD/USD spiked lower from 1.0537 to 1.0501 before bouncing back a bit to 1.0511. This data brings back the possibility that more rate cuts may be needed.

Australia employment details Mar  

{charts:Bloomberg}(click to enlarge)

AUD/USD (tick chart)                                                                    Australian Employment change

AUD 041113 tick   Australian employment mar13

 

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