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EURGBP TECHS

Recovery Holds For Now

EURGBP TECHS

Recovery Holds For Now

US OUTLOOK/OPINION

SocGen Sees Big Unemp Rate Drop; JPM In Line On Job Gains

AUSTRALIA
AUSTRALIA: VIEW: ANZ note that they "are forecasting Australia's nominal wage
growth to slow to below 1% y/y by the first half of 2021. Taking into account
our inflation forecasts, this means that real wage growth would turn negative.
Our expectation of an extended period of significant spare capacity in the
labour market underpins our weak wage growth forecasts. The smaller and
partially-deferred minimum wage increase for 2020-21 and public sector wage
freezes will also restrict wage growth. In nominal terms, this outcome would be
worse than what was experienced by either Australia, New Zealand or the US in
the wake of the GFC. But in real terms, wage growth has dipped below zero in
Australia several times over the past two decades."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com