Technical Analysis

Australian jobs report: Jobs K +32.2K (+15K expected) & Unemployment 3.4% (3.6% expected)

Eamonn Sheridan

Eamonn Sheridan

Thursday, 17/11/2022 | 00:30 GMT-0

17/11/2022 | 00:30 GMT-0

Australian economic data – the employment report for October

A solid report.

  • Full-time jobs jumped from September while part-time fell.
  • headline jobs added is twice what was the consensus expected
  • unemployment rate dropped again (lower participation takes a touch of shine off)


  • underemployment rate remained at 6.0%
  • underutilisation rate 9.3%, lowest since March 1982
  • monthly hours worked increased 0.1% to 1,864 million
  • youth unemployment rate decreased to 7.5%
  • unemployment rate at 3.4% is the lowest since September of 1974

If the RBA was eyeing data they’d see this further tightness in the labour market as a reason to keep on hiking rates. They next meet on December 6 where a +25bp rate hike is expected.

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