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Home»Forex»AUD Slips as Australia’s Job Growth Slowed and Hinted at Labor Market Cooldown in October
AUD Slips as Australia’s Job Growth Slowed and Hinted at Labor Market Cooldown in October
Forex

AUD Slips as Australia’s Job Growth Slowed and Hinted at Labor Market Cooldown in October

adminBy adminNovember 14, 2024No Comments2 Mins Read
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Australia’s October jobs report was a bit of a mixed bag. Headline job gains met expectations, but they slowed down quite a bit from September’s big jump.

The economy added 15,900 jobs, which kept things positive but was way below the downwardly revised 61.3K gain from the month before.

Link to Australia’s Labor Force Survey (October 2024)

The unemployment rate held steady at 4.1%, which is in line with market forecasts. Looking closer, there was a bit of softness under the surface. Full-time job additions slowed from 48.8K to 9.7K (vs. 15K expected) while part-time employment eased from 12.5K to 6.2K (vs. 5.0K expected).

The participation rate slipped a bit to 67.1% from 67.2% in September. Monthly hours worked nudged up just 3 million hours (0.1%), hinting that labor demand might be cooling off a little. On a brighter note, the underemployment rate ticked down to 6.2% from 6.3%.

Market Reactions

Australian Dollar vs. Major Currencies: 5-min

Overlay of AUD vs. Major Currencies

Overlay of AUD vs. Major Currencies Chart by TradingView

The Australian dollar initially held steady but gradually drifted lower following the release, despite the headline numbers meeting expectations. The mixed details and signs of cooling momentum may have weighed on AUD demand.

For now, the muted market response points to traders possibly focusing on signs of moderation in the labor market, even as overall conditions remain relatively robust with unemployment holding at historically low levels.

AUD is down the most against USD and CAD, while holding up some against Asian session movers like JPY and NZD.



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