The Reserve Bank of
Australia is focused on developments in the labour market. They’ve
indcated they reckon a circa 4.5% unemployment rate is needed to get
inflation back to their target. Its above 5%.
Employment Change: K
Unemployment Rate: %
Full Time Employment Change: K
prior was -6.3K
Part Time Employment Change: K
prior was +34.7K
Participation Rate: %
This via ANZ:
- We expect the federal election will have helped boost employment in May by 35k. This could push the unemployment rate back to 5.1% from 5.2% in April. It is unlikely that a strong result for the labour market in May would be carried forward, with leading indicators for employment deteriorating.
- Our Labour Market Indicator suggests a material slowdown in employment growth is approaching