The Jobs Paradox: 48.9K New Jobs Added, yet a 4.3% Unemployment Rate
The Australian Bureau of Statistics (ABS) has just released a labour report that has traders scratching their heads and having trouble figuring out where they should be going.
The Huge Jobs Gain: 48.9K new jobs were added in February – nearly doubling the 26.1K from last time and way above the forecasted 20.8K.
Unemployment Takes a Strange Leap: But at the same time the unemployment rate has jumped to 4.3% (when everyone was expecting 4.1%) which is a bit confusing – it looks like a fair few new job-seekers have come into the market in an effort to fight the rising cost of living caused by oil price hikes.
RBA Feeling the Heat: The RBA has just put out its Financial Stability Review which says that while the labour market is looking pretty good the “higher-for-longer” rate environment is really starting to put a heavy burden on people trying to pay off their debts.
The DXY Power Play: FOMC Fallout and That All Important 5:30 PM Usd Catalyst
The US Dollar Index (DXY) is hanging tough around 99.50 still this morning, after that somewhat hawkish FOMC statement yesterday.
Fed Policy Takes Centre Stage: Yields are staying up high now that Powell has made it pretty clear he’s prioritizing keeping prices stable, particularly given the oil price is pushing $100 after that US-Iran conflict.
