In the March numbers out this morning, the unemployment rate fell sharply to 5.8%. Sure, last month was a little worse than thought (February’s jobless rate was revised up to a decade-high 6.1% from 6%), but the March result was well below the 6.1% forecast.
The number of employed Australians also beat expectations, rising 18,100 vs. an anticipated 10,000 drop, though the workforce participation rate drifted lower (64.7% from 64.9%, just missing a forecast 64.8%).
The Australian dollar went wild for the numbers, zooming to 94.30 U.S. cents from 93.80 U.S. cents moments ahead of the data. Stocks were less impressed, however, with the ASX 200 sticking to its 0.6% gain