🇦🇺Cable FX Macro Weekly Note: Australia Labour Report

**As seen in Risk In The Week report 11/11/2022, subscribe cablefxm.co.uk/reports

Australia September labour force expanded by 923 M/m, this missed the consensus estimate for an addition of 25.0K jobs. Part-time employment fell by 12.4.4K while full-time jobs increased by 13.3K, the participation rate came in line with estimates at 66.6%, the unemployment rate printed at 3.5%, in line with expectations. The September headline marked the third consecutive miss in labour report releases, while it also reflected that the previous jobs additions were not sustainable. The median forecast sees Australia unemployment rate rising to 3.7% by end of year and to 3.9% by next year, Goldman Sachs sees the jobless rate rising to 4.0% in 2023. Analysts at Westpac says it appears that the labour market stalled heading into the end of 2022, they say that consumer employment expectations are 17.8% higher in the last two months, reflecting confidence weakening in the labour market. Westpac notes that if the participation rate remains flat and if the figure meets their forecast of 15K jobs, the unemployment rate might tick higher into 3.6%