**As seen in Risk In The Week report 01/13/22, cablefxm.co.uk/reports
Australia's employment situation continues to show a strong labour market, the November report saw the economy posting 64.0K jobs, this was above the prior 32.2K and the consensus of 19.0K. Also, the actual figure came in higher than the forecast range, the top figure had seen an addition of 40.0K jobs on the month. The unemployment rate came in line with estimates at 3.4%, this was unchanged from the prior month. November's participation rate jumped to 66.8% from the prior 66.5%. Broadly speaking, the latest labour figures do not reflect a slowing economy and support the case for further tightening from the RBA. The chief economist at NAB said that they expect the central bank to continue to raise rates over the next two meetings. He also warned that if wages were to come up stubbornly due to a stronger labor market, causing inflation to accelerate, the RBA could lift the Cash Rate higher. In line with the risk of a hot jobs market, the most recent survey compiled by Bloomberg showed economists lowering their unemployment rate forecast to 4.1% by Q4 2023 from the prior 4.2%.
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