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Needle Still Points South

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Heading North

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Bull Rally Accelerates

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Economists Survey Raises 2021 CPI Forecast To 4.9%

AUSTRALIA

The ABS notes that "payroll jobs fell by 0.5% in the fortnight to 8 May 2021, following a 0.2% rise in the previous fortnight. In early May, payroll jobs were 1.5% above pre-pandemic levels and 1.5% lower than the end of March 2021. The end of JobKeeper, seasonality in the labour market around Easter and short-term restrictions in some states may influence payroll job levels in the weeks between the end of March and 8 May 2021. Across the states and territories, payroll jobs also remain above pre-pandemic levels, ranging from 4.4% above in the Northern Territory to 0.7% above in Queensland. Changes in payroll jobs continued to vary by industry. Since the end of March 2021, there were increases in payroll jobs for two of the five largest employing industries; Education and training and Retail trade (up 0.9% and 0.4%). There were decreases across the three other large employing industries; Accommodation and food services, Professional, scientific and technical services and Health care and social services (down 3.8%, 2.8% and 2.0%)."

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com