Aussie March Employment +70.7k vs Reuters poll +35.0k
The March ABS labour force survey has been released as follows:
- March Employment +70.7k s/adj (Reuters poll: +35.0k).
- Unemployment rate +5.6 pct, s/adj (Reuters poll: +5.7).
- Full time employment -20.8k s/adj.
- Participation rate +66.3 pct, s/adj (Reuters poll: +66.1 pct).
The data is strong with yet another beat in the Unemployment rate as well as a big beat in the Employment.
Nevertheless, the Aussie is meeting a wall of resistance on the daily chart and the emphasis is on the downside on profit-taking, a possible sell the fact scenario:
AUD/USD Price Analysis: Bears seeking downside break into Jobs data
''The leading indicators of employment, such as weekly payrolls, job vacancies and the various business surveys had all suggested that the labour demand continued to strengthen through March and into April.
Rising participation is muting the improvement in unemployment,'' analysts explained prior to the data.
Description the Unemployment Rate
The Unemployment Rate released by the Australian Bureau of Statistics is the number of unemployed workers divided by the total civilian labour force. A decrease of the figure is seen as positive (or bullish) for the AUD, while an increase is seen as negative (or bearish).
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