Australia 10-year bond yield jumps 4 bps after Aussie jobs report

The WA jobs market is in a tough spot

The WA jobs market is in a tough spot

While the trend (the most accurate type of measurement) jobless rate was steady in March at 5.0%, the annual growth rate picked up to 2.4% from 2.3% - comfortably above the 2.0% rate of the past two and a bit decades.

The good news in the figures was the bulk of the jobs were full-time positions. The seasonally adjusted unemployment rate increased in Queensland (up 0.7 pts to 6.1%), South Australia (up 0.2 pts to 5.9%), Tasmania (up 0.2 pts to 6.7%), Western Australia (up 0.1 pts to 6.0%) and New South Wales (up 0.1 pts to 4.3%).

Encouragingly, all of that increase was led by full-time work with part-time decreasing 22,600.

The RBA has held the cash rate at an all-time low of 1.50 percent for 2-1/2 years now and earlier this year switched away from its long-held tightening bias to a more neutral stance.

"From the perspective of policymakers, particularly the Reserve Bank, this will be viewed as a positive report", Pickering said.

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A significant majority of analysts reportedly expects the RBA to sit on the current 1.5% rate until there is clearer evidence that the job market is suffering.

The employment report is being closely watched for clues on monetary policy as the country's central bank is counting on labour market strength for a long-awaited pick up in wage growth and inflation in the face of a property market downturn.

Next Wednesday sees the release of the March quarter consumer inflation data.

However, if employment shows consistent weakness - one poor reading is likely to be insufficient given the data's volatility - then calls for easing will grow much louder.

That will not surprise the RBA seeing it has been warning now for the past six months that inflation in the first half of 2019 will be lower than previously thought because of lower petrol prices than a year ago and falls in government administered prices.

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