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Data released earlier today showed that Australia's total employment in Jan fell 7.9k compared to a market median of +13k and a range of -30k to +40k. The driver of soft employment was a fall of 40,600 in full-time jobs.
The data suggest that the acceleration at the back end of 2015 was exaggerated. Will this give the RBA a reason to pause and consider their assessment of the labour market? In the most recent Statement on Monetary Policy they stated that the unemployment rate had fallen below 6% and was likely to stay there. One month is definitely not to be considered a trend, but will likely make the RBA a litle less confident.
"Today's release is unlikely to be a game changer for the RBA in itself, but if we see further weakness next month the market could bring forward easing expectations." said BNP Paribas in a report.
