PT Solid Gold Berjangka | Australian Jobs Gains Show Economy Is Absorbing RBA Rate Shock

08:43 14 September in Economy, SOLID GOLD BERJANGKA | SOLID GROUP

Australian jobs rebounded in August following a surprise drop while the unemployment rate held steady, suggesting the labor market is managing to cope with the Reserve Bank’s 12 interest-rate increases.

The economy added 64,900 roles from the prior month, compared with estimates for a 25,000 gain, Australian Bureau of Statistics data showed Thursday. The jobless rate held at 3.7%, having hovered in a range of 3.4%-3.7% since June last year.

The data bolster the case for the RBA to hike one more time given inflation remains elevated and the labor market is still tight. Incoming Governor Michele Bullock has warned policy decisions will be a month-by-month prospect until at least next year. The Australian dollar was little changed, while three-year bond yields edged up.

“The large increase in employment in August came after a small drop in July, around the school holiday period. Looking over the past two months, the average employment growth was around 32,000 people per month, which is similar to the average growth over the past year,”said  Bjorn Jarvis, ABS head of labor statistics.

The RBA held rates at 4.1% for a third straight month in September and economists and money markets are divided on the policy outlook. The former expect one more hike to 4.35% in November, while traders are suggesting rates have now peaked as inflation looks to be moving back toward the RBA’s 2-3% target.

Source: Bloomberg

Ekonomi AustraliaAustralian Jobs

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