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.
The seasonally adjusted unemployment rate jumped to 3.7% in April from March’s 3.5%, according to Australian Bureau of Statists data released today.
The move higher beat expectations the rate would hold steady. The data showed the participation rate had decreased to 66.7%, while the underemployment rate fell to 6.1%.
The jobs data follows wage figures released Wednesday, which showed the seasonally adjusted wage price index rose 0.8% over the March quarter and 3.7% over the year, up from 3.6% recorded over Q4 2022 (see: MNI BRIEF: Aussie Wages Stronger at 3.7% Y/Y).
Following the RBA's May decision to hike rates 25bp to 3.85%, Governor Philip Lowe stressed the Reserve would protect employment gains as it fights inflation (see: MNI: RBA Inflation Strategy to Protect Labour Gains). The May minutes release Tuesday showed the board’s renewed determination to fight inflation and its focus on wages and employment as key inputs into its decision making (see: MNI: RBA Determined to Bring Inflation Down - May Minutes).
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.