Australia November employment -21.3K vs +20.0K expected

Australia's November employment data was released, showing an unemployment rate of 4.3%, below expectations of 4.4%. However, the actual jobs change was -21.3K, significantly lower than the expected +20.0K. This highlights concerns about the strength of the job market. Notably, full-time employment dropped by -56.5K compared to +55.3K in the prior month, which raises red flags about economic health. The participation rate decreased to 66.7% from 67.0%, contributing to the lower unemployment rate but suggesting potential underreporting of joblessness, with actual rates possibly higher at 4.6% if participation remained stable. Additionally, following the RBA's decision, Bullard signaled a more hawkish stance, with markets estimating a 33% chance of a rate hike as soon as March. However, with employment data this weak, significant challenges remain for any potential tightening of monetary policy moving forward.