AUD/USD marked lower after the poor employment report – is there a caveat though?

<p>The data is here, a large drop in full time employment makes the report even worse then the sad headlines:</p><ul><li><a href="https://www.forexlive.com/news/australia-july-jobs-146k-vs-15k-expected-jobless-rate-37-vs-35-exp-20230817/" target="_blank" rel="follow" data-article-link="true">Australia July Jobs -14.6K (vs. +15K expected) &amp; Jobless rate 3.7% (vs. 3.5% exp)</a></li></ul><p>But, the ABS have noted a warning on this data:</p><ul><li>“July includes the school holidays, and we continue to see some changes around when people take their leave and start or leave a job. It’s important to consider this when looking at month-to-month changes, compared with the usual seasonal pattern. The only other fall in employment in 2023 was in April, which also included school holidays."</li></ul><p>I am always wary of officials trying to explain away bad news. And there is more of the same:</p><ul><li>“While unemployment increased by 36,000 people in July, to 541,000, it was still around 172,000 lower than before the pandemic.”</li></ul><p>Regardless, AUD/USD lower:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.