The RBA will not be happy with today's employment report. They'll look through one month's data but there is no denying today's was poor indeed.
The RBA will also pay heed to the inflation report (twin mandate, right?)
We only get CPI data once a quarter from Australia (official data that is, we do get private gauges of inflation monthly). The Australian Bureau of Statistics release Q3 CPI on October 26 (0030GMT).
Here's what Westpac is looking at for the CPI data
- Forecast for the headline CPI is 0.9% q/q and 1.5% y/y yr from 1.0%yr.
September is traditionally a stronger quarter, ABS seasonal factor worth 0.3 ppts., "this results in the seasonally adjusted CPI rising a smaller 0.6%qtr" - Core inflation (average) is forecast to print 0.4%qtr ... which will see annual core inflation lift to 1.6%yr from 1.5%yr
- The trimmed mean is forecast to rise 0.38% while the weighted median forecast is 0.40%. The six month annualised pace of the average of the core measures is forecast to lift to 1.7%yr from 1.3%yr in Q2 which remains a modest inflationary pulse.
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I'll have more on the CPI as we approach