Jobs Data Puts Pressure on Next Rates Call
More than 76,000 jobs were added in June, while under-employment rose to a two-year high and Brent crude topped US$95 a barrel.
- On Wednesday, APThe Australian Bureau of Statistics reported a steady 4.4 per cent jobless rate for June, yet interest rate expectations jumped after figures showed the country added more than 76,000 jobs.
- Data revealed a growing economic divergence, as NSW's jobless rate fell to 4 per cent while Victoria's unemployment rose to 5.1 per cent, the nation's highest, amid a 6.5 per cent under-employment rate.
- AMP deputy chief economist Diana Mousina expects the Reserve Bank to lift the cash rate to 4.6 per cent when it meets on August 10-11, with next week's inflation report determining the outcome.
- Escalating Middle East conflict drove Brent crude oil futures above US95 a barrel, pushing local petrol to nearly $1.80 on Thursday, with National Roads and Motorists Association spokesman Peter Khoury warning prices could hit $2.
- Analytics head Sunny Nguyen suggested rising under-employment implies labor costs are not the primary inflation driver, while cost-of-living pressures force older Australians to continue working, Jane Hume noted.
12 Articles
12 Articles
AUD/NZD Hits One-week High As Strong Australian Jobs Data Boosts Rate Hike Expectations
BitcoinWorld AUD/NZD hits one-week high as strong Australian jobs data boosts rate hike expectations The Australian dollar strengthened to a one-week high against its New Zealand counterpart on Thursday, following the release of stronger-than-expected employment data from Australia. The AUD/NZD cross rate rose to 1.0835, its highest level since early last week, as markets reassessed the likelihood of further monetary tightening by the Reserve B…
Rate hike on the table after surprise jump in jobs
A surge in new jobs in Australia’s economy has kept alive the possibility of another Reserve Bank rate hike as renewed conflict in the Middle East reignites inflation fears. While the unemployment rate came in line with forecasters’ expectations at 4.4 per cent in June, a sharp rise in employment of 76,300 jobs far exceeded consensus estimates of 15,000 new jobs. Despite a gradual softening in the labour market over the past year, Thursday’s Aus…
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