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