top of page

🇦🇺❗️Cable FX Macro Weekly Note: Australia Labour Report

Writer's picture: Rosbel DuránRosbel Durán

**As seen in Risk In The Week report 01/12/24, subscribe at cablefxm.co.uk/reports


Australia net employment rose 61.5K in November, this was faster than the prior 42.7K and the consensus median of 11.5K. The jobless rate ticked up from 3.7% to 3.9%, the metric was above the median projection of 3.8%. The November participation rate printed at 67.2%, expectations had seen the figure at 66.9%. The monthly job gain was led by full-time employment at 56.98K. Looking ahead, economists see headline jobs growth slowing while the unemployment rate keeps moving higher, the median survey pencils the latter at 4.3% by the end of the year. Despite a higher unemployment rate, the labour market is still seen tight as wages are expected to rise by 3.8% Y/y in 2024, unchanged from the prior year.

The desk at NAB expects a reversal of the November jobless rate uptick as it pencils the figure at 3.8%, they stand above the consensus for headline jobs growth at 30.0K. NAB said that an unemployment rate print at 3.8% is still within the RBA’s forecast range so this is unlikely to shift the central bank’s stance.


0 comments

Comments


© 2024

CableFXWHITEdropshadow.png
  • Twitter - White Circle

Investing and trading involve risk. This includes the possible loss of principal and fluctuations in value. There is no assurance that objectives will be met. Do not risk capital that you cannot afford to lose.  

bottom of page