ANZ Look For Sizable Employment Rebound

Ahead of today’s labour market report ANZ look for “a sizeable employment rebound of 90k in February, enough to have pushed unemployment back down to 3.5%. There was a much larger than usual number of people long-term away from work or waiting to start work in January and many will likely be employed in February. Tailwinds for employment growth remain in the form of significantly elevated vacancies and very strong net overseas migration. A strong employment print in Australia would follow material upward surprises in the US and Canada data. There are also signs of a second wind in New Zealand’s labour market.”