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Free AccessMNI: PBOC Net Drains CNY5 Bln Via OMOs Thursday
MNI: PBOC Yuan Parity Higher At 7.0965 Thursday; -5.80% Y/Y
No Movement In '23 Unemployment Forecast, Will Pay Close Attention To Labour Costs
"The labour market remains very tight. The unemployment rate has been steady at around 3½ per cent over recent months, the lowest rate since 1974. Job vacancies and job ads are both at very high levels, but have declined a little recently. Many firms continue to experience difficulty hiring workers, although some report a recent easing in labour shortages. As economic growth slows, unemployment is expected to increase. The central forecast is for the unemployment rate to increase to 3¾ per cent by the end of this year and 4½ per cent by mid-2025."
- "Wages growth is continuing to pick up from the low rates of recent years and a further pick-up is expected due to the tight labour market and higher inflation. Given the importance of avoiding a prices-wages spiral, the Board will continue to pay close attention to both the evolution of labour costs and the price-setting behaviour of firms in the period ahead."
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