I reckon I could be kept busy for the next month with reactions to the data LOL

Earlier posts:

OK …. here’s more:

From UBS:

  • “The wise thing [in the July figures] would have been to take the exceptional weakness with a grain of salt,” UBS strategist Andrew Lilly said.
  • “This time the market should take the exceptional strength with a grain of salt.
  • “[The new job figure] is like saying the number of new jobs in the US is 1.5 million – it’s an insane number. It is a sample error,” he said.

JP Morgan economist Tom Kennedy:

  • Said that although the unemployment rate had dropped significantly, it was still higher than levels seen earlier in the year, suggesting the labour market remained soft.
  • “It still does add to the theme that the labour market has softened a bit which is consistent with the idea of sub-trend growth and pretty challenging domestic conditions,” Mr Kennedy said.
  • “One month doesn’t make a trend and you’ve really got to look at what’s been happening over the past few months.
  • “The ABS has gone to great lengths to put to bed that their methodology is fine but it still looks like there are a few funny things going on there.”

Commonwealth Bank economist Diana Mousina:

  • described the numbers as “a huge shock to the market.”
  • “We had been expecting a bit of spike in employment growth – it looks like there has been a genuine increase in part time employment in the groups that are in the survey.
  • “It doesn’t mean that the unemployment rate has yet reached a peak but it’s probably moving towards that direction, we expect the unemployment rate will peak in Q3 and start to come down over Q4 and in 2015, which forms our view that the RBA will start hiking in February.”

(these via the Australian Financial Review)