Australia still decoupled

Smarmy Morning Herald:

Australian employers defied analysts expectations and added jobs in October.

The labour force gained 34,300 jobs, seasonally adjusted, compared with a gain of 2200 positions in September, data from the Australian Bureau of Statistics shows. Economists had predicted job losses of 10,000.

The unemployment rate was unchaged at 4.3%, staying near three-decade lows.

All the job gains were accounted for by part-timers, which skewed the overall result.

Employers cut 9200 full-time positions last month, while adding 43,500 part-time jobs. Total employment rose to 10,752,800
Full-time jobs dropped 9200 to 7,688,200, while part-time employment, a sign of weakening demand, increased by 43,500 to 3,080,100.


The Aussie dollar strengthened after the figures were released, adding about half a US cent, to 68.10 US cents, while the share market was little changed.

I find this strange. I always try to have an objective view of Australia's economic strength but I would've thought that things had gotten bad by now.

I still maintain that, in regards to unemployment, the only way is up in Australia.