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Employment in Australia fell for the second straight month during the period of September, with the participation rate witnessing a sharp decline as well, which is likely to ignite the Reserve Bank of Australia (RBA) to slash interest rate in the upcoming monetary policy meeting.
Jobs fell by 10,000, reflecting a sharp fall in full-time employment (-53,000) which was partly offset by strength in part-time jobs (+43,000). The volatility in the part-time/full-time split may reflect the impact of temporary census workers, ANZ reported.
The unemployment rate printed at 5.6 percent, following an upwardly revised 5.7 percent in August (initially reported as 5.6 percent). The fall in the unemployment rate to a three-year low is encouraging, although it has occurred alongside a fall in the participation rate from a high of 65.3 percent in November 2015 to 64.5 percent in September.
"The labor market remains a key input into the RBA’s interest rate decisions, with Governor Lowe noting this week that 'the case for moving more quickly to cut rates would be strengthened in a world where the labor market was deteriorating," ANZ commented in its latest research note.
