From the Australian Bureau of Statistics today:

  • The ABS has concluded that the seasonal pattern previously evident for the July, August and September labour force estimates is not apparent in 2014
  • This assessment was made while preparing labour force estimates for September 2014 and relates to all seasonally adjusted labour force estimates other than the aggregate monthly hours worked series
  • As there is little evidence of seasonality in the July, August and September months for 2014, the ABS has decided that for these months the seasonal factors will be set to one (reflecting no seasonality)
  • This means the seasonally adjusted estimates (other than for the aggregate monthly hours worked series) for these months will be the same as the original series and this will result in revisions to the previously published July and August seasonally adjusted estimates.

–

You might recall the previous employment data wasn’t just a market surprise, it was a market shock!

Even the blogger at ForexLive got a bit overwrought, describing the result as ‘insane’. (I won’t mention this bloggers name but his initials are Eamonn Sheridan):

–

The employment data for Australia come out tomorrow (Thursday in Australia, at 0030GMT Thursday).

I was going to do a preview … which in brief would have said that after last monht’s HUGE gain in employment the most likely outcome was some degree of ‘corection’ and to expect a olower result for September.

But … this news has thrown that out the window. I am unsure of what to expect now – I’ll dig around and see what I can find. Initial thoughts are the previous results are likely to see significant downward revision.

–

More:

  • ABS previously reported original employment rose 32,100 in August, compared to seasonally adjusted increase of 121,000
  • ABS previously reported original employment fell 11,900 in July, compared to seasonally adjusted fall of 4,100