From the ABS today we get the 'Labour Force' (employment or jobs report) for June 2017
Due at 0130GMT:
- Employment Change: expected +15.0K, prior +42.0K
- Unemployment Rate: expected 5.6%, prior 5.5%
- Full Time Employment Change, prior +52.1K
- Part Time Employment Change, prior -10.0K
- Participation Rate, expected is 64.9%, prior 64.9%
Previews from banks are coming in. Here are two quickies:
From ANZ - looking for the recent trend of improving jobs report to continue. Other labour market indicators have been positive and the ABS data is finally reflecting this:
- We expect another solid labour market report in June and look for a rise of 20k jobs and an unchanged unemployment rate of 5.5%.
- This strength would be consistent with ongoing solid business conditions and the upward trend in job ads.
CBA add a little more, noting good employment growth but little in the way of wage pressure (nothing new in this and it's a global, developed market, phenomenon):
- Employment has risen strongly in the past three months, with almost 150k new jobs added.
- We are forecasting a 15k growth in jobs in June making it four months of solid jobs growth on the trot.
- An unchanged participation rate should keep the unemployment rate at 5.5%.
- However, overall the labour market indicators remain mixed with plenty of spare capacity in labour markets. This will need to be digested before wage (inflation) pressures start to lift and in turn intensify overall domestic inflationary pressures.
