-- Australian employment unexpectedly fell in March and the jobless rate edged higher, unwinding some of the huge upside surprise of the prior month and reflecting restrictive settings of monetary policy.The economy shed 6,600 roles, confounding expectations for a 10,000 gain and following an increase of over 100,000 in February, government data showed Thursday. Unemployment ticked up to 3.8% from 3.7% in February.
The currency extended an intra-day gain after the release to trade at 64.48 US cents. while the yield on the policy-sensitive three-year government bond eased a tad to 3.90%.“Australia’s labor market is holding up better than we expected. For the RBA, the data will add to the sense of patience on rates.”Australia’s labor market report is a volatile series and both economists and policymakers tend to look through month-to-month fluctuations.
The next key release is first-quarter CPI on Wednesday, with economists anticipating a weaker reading than the 4.1% for the final three months of 2023. The RBA’s latest estimates show inflation only returning to its 2-3% target in late 2025, reflecting expectations that the last stretch of bringing down prices will be the toughest.Underemployment edged down to 6.5% and underutilization held at 10.3%--With assistance from Michael G. Wilson and Tomoko Sato.
Japan's Nikkei share average fell on Thursday, putting it on course for its longest losing streak since October, as chip-sector shares followed global peers lower. The Nikkei was down 0.48% at 37,779.25 as of 0141 GMT, heading for a fourth straight day of declines. Semiconductor shares and other tech stocks sank after Dutch computer chip equipment maker ASML announced new bookings on Wednesday that fell well short of analyst estimates.
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