Australia’s employment change saw a significant decline, with the actual figure dropping to -5,400 compared to the previous increase of 26,500. This represents a decrease of 31,900 jobs, indicating a notable contraction in the labor market.
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The actual employment change figure was far below the analyst estimate of 22,000, which may lead to negative sentiment in the stock market. Sectors sensitive to consumer spending, such as retail and consumer goods, are likely to be affected as reduced employment can dampen consumer demand. The impact is expected to be short-term, primarily influencing market sentiment.