Some snippets from the WPAC response to the jobs data today.
mix of employment did, however, paint a slightly softer picture of the labour market than the headline numbers
- All of the gains were in part-time employment
- This continues the trend for an outperformance of part-time employment to full-time employment and female employment compare to male employment.
total hours work printed a very solid gain of 0.5%, following a sound 0.2% gain in November, boosting the annual pace to 2.3%yr from 1.7%yr
- growth in hours worked is now outpacing that for total employment
Today's update has continued the positive labour market surprise through Q4. It is Westpac's forecast that on the back of the moderation in domestic demand we expect the labour market to weaken from here resulting in a modest, gradual rise in unemployment and underemployment. Even with the recent strength in employment, the Australian labour market is a long way from the RBA's full employment aim of 4.5%.
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The note from Westpac did not include comments on implications for RBA policy.
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Earleir:
And:
- Australian jobless rate "near 8-year lows"
- CBA has changed its RBA rate cut forecast also, from February to April
- ANZ no longer forecasting an RBA rate cut next week
- Market probability of an RBA rate cut next week has been slashed
- More on the Australian jobs report (the unemployment rate unexpectedly fell)
- AUD marked higher on the lower unemployment result from Australia