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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.
RBA
The RBA has pointed to a number of labour market variables that it is monitoring in particular. They eased in November signalling that the labour market is still gradually easing but the levels suggest it remains tight. The key to the February 6 decision is the January 31 Q4 CPI but today’s November jobs data have left a rate hike on the table at that meeting.
- The unemployment rate rose 0.1pp in November to 3.9% to be 0.4pp higher compared with a year ago. It is now at its highest in a year and a half but has been driven by an increase in labour supply rather than fewer jobs. The RBA sees the youth unemployment rate as an early signal and it rose a further 0.4pp to 9.6% to be up 2pp y/y to highest since the Covid-impacted November 2021.
Australia unemployment rate 15-24yrs %
Source: MNI - Market News/ABS
- The underemployment rate is a bit volatile but it rose +0.2pp to 6.5% to be up 0.7pp y/y. The 3-month average was stable at 6.4% though where it has been since July.
- Vacancies-to-unemployment continues to fall. In November the ratio eased to 45.4% from 47% and down over 10pp on a year ago. It does remain above its historical average of 33% though, signalling that the labour market remains tight.
Australia internet/vacancies %
Source: MNI - Market News/Refinitiv/ABS
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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