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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
The labour market is one of the key areas that the RBA is watching. On Thursday, the August labour force report is published. Bloomberg employment expectations are at +35k with the unemployment rate steady at 3.4%. If the data prints around these numbers, they are unlikely to change RBA thinking.
- Economists surveyed by Bloomberg all expect that there were more jobs in August in the range of 10k to 110k. They expect the unemployment rate to print at 3.2%-3.6%.
- The July drop of 40.9k had been impacted by winter illness, school holidays, and financial year reporting. A rebound in employment and the participation rate (to 66.6%) is expected, as these factors wane.
- Tuesday’s survey data suggested that the labour market has stabilised but remains strong. The employment component of the NAB business survey was a series high, apart from July, and consumers expected unemployment to fall further. Vacancies are still well above historical averages, suggesting that labour demand remains robust. These metrics all suggest that official labour market prints should remain solid for a number of months.
Job vacancies still indicating strong labour demand
Source: MNI - Market News, Refinitiv
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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