No Lasting Reaction To A More Mixed Labour Market Report

No follow through in the space from the much stronger than expected headline employment reading, which masked a ~21K fall in the number of full-time employed, meaning the job gains in March were driven solely by part time jobs. Still, the stronger than expected headline reading outweighed an uptick in the participation rate, allowing the unemployment rate to move lower. The underemployment rate hit levels not seen since '14, with the underutilisation rate moving to within a whisker of late '19 levels. Futures traded lower into the release, YM -1.5, XM -5.5 at typing, with the latter edging off initial post-release lows.