-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI UST Issuance Deep Dive: Dec 2024
MNI US Employment Insight: Soft Enough To Keep Fed Cutting
MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
Labour Market Remains Tight, RBA Uncertain Given Bank Concerns
Employment bounced back 64.6k after declining the previous two months and the unemployment rate returned to 3.5%, close to its October 2022 low. The labour market remains very tight with little sign of easing pressures, thus this data along with the solid NAB business survey point to a further 25bp hike in April. However, market turmoil and overseas banking issues are muddying the waters for the next RBA meeting.
- There were 64.6k new jobs in February more than expected and more than reversing the cumulative 27.5k drop in Dec/Jan. There was also a return to the trend of rising full-time employment (+74.9k) and falling part-time (-10.3k), reflecting ongoing labour shortages. The ABS noted that the majority of the people waiting to start a new job in January returned to work in February and the numbers waiting to start a new job are back to normal.
- The number of unemployed fell 16.5k helping to bring the unemployment rate down along with strong jobs. However, the number of unemployed is 4.1% higher than the October trough, which is not surprising given the increase in labour supply through immigration.
- Underemployment and underutilisation rates all eased back to their recent lows; another indicator of a tight labour market. The former fell 0.4pp to 5.8% and the latter -0.4pp to 9.4%, the lowest since 1982 apart from November 2022.
- Hours worked also rebounded after three consecutive falls. They rose 3.9% m/m and 5.1% y/y in February with full-time up 4.4% m/m and part-time +1.3% m/m. The ABS commented that there were “almost no major disruptions” to hours worked, as the economy normalises.
- The participation rate rose 0.1pp to 66.6% but remains below November’s peak of 66.8%.
Source: MNI - Market News/ABS
Australia underemployment rate vs underutilisation rate %
Source: MNI - Market News/ABS
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.