Australian April unemployment rate 4.1% (vs. 3.9% expected)

The vomitous jobless rate jump somewhat offset by the big jump in employment. But its all in part-time while full-time shrunk. Its not hard to imagine this is firms shedding full time workers and replacing them.

AUD/USD is having a bit of a hard time making sense of this. Let me clear it up. This is a horrible result.

It’ll put another nail in the coffin of the thought of RBA rate hikes. They are not going to cut any time soon either.

More:

• m/m change in hours worked flat
• underemployment 6.6% (prior 6.5%)
• Underutilization 10.7% (prior 10.3%) … this combines the unemployment and underemployment rates

This article was written by Eamonn Sheridan at www.forexlive.com.