The jobs market report for August is due today from the Australian Bureau of Statistics:
- 11.30 am Sydney time
- 0130 GMT
- 2130 US Eastern time
As you’ll see in the screenshot below, the previous month’s report, July, showed another huge gain in jobs, carrying on the trend of strong employment growth over the past year. Note also that the unemployment rate, and participation, both rose. Particiaption is at a record high.
Expectations are for a more subdued gain in employment, stable participation and stable unemployment.
The RBA has a twin mandate, in summary its stable inflation (the target band is 2 – 3%) and full employment. The RBA is endeavouring to not lose too many of the employment gains its seen and to drive inflation lower at the same time. Upcoming developments on inflation are expected to be encouraging, as I posted yesterday:
- Australia CPI preview – CBA expect “Headline inflation in August back within RBA’s target”
- Australian August Monthly CPI preview – Westpac expect 2.7% y/y for the monthly read
- This snapshot from the ForexLive economic data calendar, access it here.
- The times in the left-most column are GMT.
- The numbers in the right-most column are the ‘prior’ (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.