Australia's unemployment rate in October reduced to 5.9% from 6.2% in the previous month. In an absolute number, the employment increased by 59k in October, where consensus was expecting the figure at 15k. Experts observed the demand for labour had picked up over the last few months in the economy, but the figure exceeded their expectation.
"In short term, the seasonal has become unstable, and the data would not be taken at face value. A -40k number next month would not surprise. Domestic activity data have also been reasonable since the November meeting, and the market has seen fit to almost entirely price out any chance of a December cut", says RBC Capital Markets in a research note.
