TRUDEAU SAYS `WE HAVE A LOT OF WORK TO DO'

MNI BRIEF: Canada NDP Will Bring Nonconfidence Motion In Jan.

CANADA NDP SAYS WILL INTRODUCE NONCONFIDENCE MOTION

MNI China Daily Summary: Friday, December 20

MNI: PBOC Net Drains CNY103.5 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1901 Fri; -2.13% Y/Y

EZ/UK T-Bill Calendar: Greece to Sell Bills Monday

EZ/UK Bond Supply Calendar: BOE APF Sales Due 6 January

MNI: BELGIUM DEC BNB BUSINESS CONFIDENCE -13.8

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

AUSTRALIA: Stabilisation Of Labour Indicators Continued In October

AUSTRALIA
APACAustraliaBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

In its November statement, the RBA said “labour market conditions remain tight” and that while it is “easing gradually”, “some indicators have recently stabilised”. In this list, it included youth unemployment, underemployment and hours worked. The October data confirmed this viewpoint and adds to the case to leave policy on hold for now. With the unemployment rate starting Q4 at 4.1%, there is also the chance that the RBA’s 4.3% forecast will be revised down.

  • The underemployment rate fell 0.1pp to 6.2% in October to be down 0.2pp on a year ago and the lowest since April 2023. The 3-month average has been trending down over 2024.
  • The RBA sees the youth unemployment rate as a lead indicator of the labour market and while it is still 2.1pp higher than its July 2022 trough, it also appears to have stabilised at around 9.1% after 9.9% in August. 

Australia unemployment rate 15-24yrs %

Keep reading...Show less
258 words

To read the full story

Close

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.

In its November statement, the RBA said “labour market conditions remain tight” and that while it is “easing gradually”, “some indicators have recently stabilised”. In this list, it included youth unemployment, underemployment and hours worked. The October data confirmed this viewpoint and adds to the case to leave policy on hold for now. With the unemployment rate starting Q4 at 4.1%, there is also the chance that the RBA’s 4.3% forecast will be revised down.

  • The underemployment rate fell 0.1pp to 6.2% in October to be down 0.2pp on a year ago and the lowest since April 2023. The 3-month average has been trending down over 2024.
  • The RBA sees the youth unemployment rate as a lead indicator of the labour market and while it is still 2.1pp higher than its July 2022 trough, it also appears to have stabilised at around 9.1% after 9.9% in August. 

Australia unemployment rate 15-24yrs %

Keep reading...Show less