Watch Business & Employment Data This Week

Important survey and employment data print this week. Given the RBA is even more data dependent following its April pause, this week’s business and labour data will be watched closely.

• On Tuesday, Westpac consumer confidence for April is released. Last month it was flat at a depressed level. The RBA’s pause last week may provide support or even a boost to sentiment.
• The NAB’s business survey for March is also published on Tuesday. While business conditions were still solid at 17.3 in February, business confidence fell below zero again to -4. The price/cost components will be watched closely, especially after most rose last month.
• The Melbourne Institute’s consumer inflation expectations for April print on Thursday. While they eased to 5% in March from 5.1%, they have not been firmly below the 5% mark since the start of 2022.
• Also on Thursday the important employment data for March is released. New jobs are forecast to rise another 20k after exceeding expectations last month increasing 64.6k. The unemployment rate is projected to rise 0.1pp to 3.6% after falling more than expected in February.
• On Wednesday, Deputy Governor Bullock participates in a WEAI Monetary Panel at 1445 AEST.