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12 Sep 2013
Australia’s jobs may reduce pricing for RBA easing - Westpac
FXstreet.com (Barcelona) - Australia’s Aug jobs number could provide a bit of a jolt to the recent market move to reduce pricing for RBA easing, notes Sean Callow, FX Strategist at Westpac, in a note to clients.
Key Quotes
"Job growth has averaged just 5K over the past 6 months. The -10K print in July should set up August for a rise in employment but obviously the 10K consensus (and Westpac) forecast would only leave total jobs flat since June. Any federal election hiring will be in Sep, not Aug."
"Full-time employment has been negative for 3 straight months. Given this soft trend, little wonder the unemployment rate has trended steadily higher from under 5% in 2011 to 5.7% in July. Also in line with the median forecast, we look for 5.8%, a high since Aug 2009."
Key Quotes
"Job growth has averaged just 5K over the past 6 months. The -10K print in July should set up August for a rise in employment but obviously the 10K consensus (and Westpac) forecast would only leave total jobs flat since June. Any federal election hiring will be in Sep, not Aug."
"Full-time employment has been negative for 3 straight months. Given this soft trend, little wonder the unemployment rate has trended steadily higher from under 5% in 2011 to 5.7% in July. Also in line with the median forecast, we look for 5.8%, a high since Aug 2009."