Assessment of latest jobs data: Overall, this is an encouraging result
Assessment of latest jobs data: Overall, this is an encouraging result. As always there is volatility in the seasonally adjusted data - notably the drop in unemployment in Victoria and the fall in the workforce participation rate. But the data shows that jobs are being created, more hours are being worked by existing workers, and more people are finding work. The unemployment rate looks like it is topping out between 6.0-6.5 per cent, but much will depend on businesses and consumers gaining confidence and starting to spend more freely in coming months. Each Reserve Bank meeting is a live meeting - in other words, a rate cut will be discussed in April and May and so on. But there is no rush. The Reserve Bank can wait until the inflation data is released in late April and then look more closely at the need to cut rates at the May Board meeting.
I am married with three children (all in their 20s) and currently live in Huntleys Cove in the inner west of Sydney. Chief interest is athletics and trying to keeping up with the children.My current role is Chief Economist, Commonwealth...
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