Labour market report from Australia for May 2020. The bigger hit from COVID-19 came in April.

Employment Change: a big miss at -227.7 K

  • expected -78.8K, prior -594.3K ... revised to -607.4K

Unemployment Rate: 7.1%

  • expected 6.9%, prior 6.2%

Full Time Employment Change: -89.1K

  • prior was -220.5K ... -235.9K

Part Time Employment Change: -138.6K

  • prior was -373.8K ... revised to -371.5K

Participation Rate: 62.9%

  • expected 63.6%, prior was 63.5%
  • lower participation (lowest since the end of 1998) flatters the u/e rate

Terrible numbers, compounded by revisions to the April numbers lower also.

AUD lower