(This is an excerpt from an article I originally published on Seeking Alpha on November 11, 2015. Click here to read the entire piece.)
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Statistics Australia reported a large jump in jobs for the month of October, 2015. The seasonally adjusted unemployment rate dropped from 6.2% to 5.9%. This is the lowest unemployment rate since May, 2015 when the rate also dropped from 6.2% to 5.9%. The number of employed increased by 58,600 which includes 40,000 full-time positions. On a trend basis, the unemployment rate has stayed 6.1% since March, 2015.
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Source for charts: FreeStockCharts.com
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Source: ASX RBA Rate Indicator
I do not think this report changes anything for the RBA. During its November decision on monetary policy, the RBA noted that declining inflation gives it scope for considering more accommodative policy. {snip}
Be careful out there!
Full disclosure: short the Australian dollar
(This is an excerpt from an article I originally published on Seeking Alpha on November 11, 2015. Click here to read the entire piece.)