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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
SEEK advertised salaries for September showed continued growth up 0.3%m/m and 3.7%y/y. This has moderated from August’s 0.4% and 3.9% signalling that inflation and wage-setting psychology has not shifted significantly. The information from this report will be a relief to the RBA and validate its 25bp per meeting rate path.
- This data also shows that even advertised salaries are not keeping up with inflation and so workers continue to face falling pay packets in real terms, which is already depressing consumer confidence and may eventually weigh on spending too.
- It also suggests that growth in the official wages data should pick up again in Q3 but may peak around the turn of the year (see chart).
- Advertised salary growth is off of its mid-year peak of 4.4%. But it is worth noting that to 2-decimal places September’s monthly rise is almost the same as August’s at 0.34% versus 0.35%. Also both the 3-month and 6-month measures of momentum are trending higher.
- Strong monthly gains in Q3 last year are weighing on the current annual growth rate in SEEK advertised salaries.
Wages growth y/y%
Source: MNI - Market News/ABS/SEEK
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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