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9 May 2013
Forex Flash: Jobless rate to remain unchanged at 5.6% - NAB
FXstreet.com (Barcelona) - In less than 1 hour Australia will publish its monthly Labor Force figure - 1.30GMT -, with a forecast for another fall in employment, down 10K for April (market median forecast +11K), after a fall of 36,100 last month, NAB notes.
NAB adds: "We expect the unemployment rate to remain unchanged at 5.6%, as does the market, with NAB’s Participation Rate at 65.0% (market forecast at 65.1%,the outcome for March). While the monthly jobs outcome has all of the characteristics of a random walk, in support of our negative forecast, NAB employment has been trending down."
NAB adds: "We expect the unemployment rate to remain unchanged at 5.6%, as does the market, with NAB’s Participation Rate at 65.0% (market forecast at 65.1%,the outcome for March). While the monthly jobs outcome has all of the characteristics of a random walk, in support of our negative forecast, NAB employment has been trending down."