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Ever since the RBA said they were paying special attention to employment figures when determining future rate policy, the jobless numbers in Australia have become more relevant to the markets.
A consensus still hasn’t formed around when we could expect the next rate cut. And we still are waiting to see how much of an effect the precipitous fall in rates this year has had.
For a while now, Australia’s unemployment rate has been high in comparison to other countries, but within the range that most economists agree is structural.
Wages have been growing steadily and above the inflation rate. Yet policymakers are still trying to bring the rate down further.
Consensus of Expectations
The headline figure for the market is Employment Change. Expectations are for this to come in at +31.5K, compared to 34.7K jobs added in August. Although a little less, it’s still at the top of what has become something of a normal range between +10K and +40K. We could expect a stronger market...
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