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Australia's August jobs numbers soar above all expectations - TD Securities

FXStreet (Łódź) - Prashant Newnaha, Asia-Pacific Macro Strategist at TD Securities comments on Australia's employment report which showed a 121K increase in August, crushing consensus expectations of a 15K gain.

Key quotes

"Employment jumped by +121k (TD +20k, mkt +15k) the jump the highest since this series began in 1978, followed by +103k in August 1991 and +95k in November 1985."

"Also the unemployment rate crashed from 6.4% to 6.1% (TD and mkt 6.3%)."

"Given that the employment number dropped by around 30k in the month following such large jumps, +103k in August 1991 and +95k in November 1985, we pencil in a 25k drop for the September report."

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