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Further Growth In Employment Expected

AUSTRALIA DATA

The Australian calendar this week contains both forward and backward looking data which should be important for shaping the view for the RBA’s February 7 meeting.

  • The Melbourne Institute’s inflation gauge for December is released on Monday. In November it rose to 5.9%, its highest since the series began in 2003. Its January inflation expectations measure is published on Thursday. It fell to 5.2% last month but the latest data point could rise as petrol prices are 4.6% m/m higher for the first 2 weeks of January.
  • On Tuesday, Westpac’s measure of consumer confidence for January prints. Last month it rose 3% but remains at depressed levels.
  • Labour market data for December is published on Thursday and this is likely to be the focus of the week in Australia. Analysts expect a further jobs gain of 25k after 64k in November and as a result the unemployment rate should remain steady at 3.4%.

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