Let's take a look at some of the economist/analyst responses to the Australian employment data
(My intemperate comments on the data are in here)
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Added ... a bit more data from the report:
- Total hours worked fell 0.2% m/m
- Employment to population ratio +0.1% (s.a.)
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AMP - Shane Oliver:
- Employment much stronger than expected but unemployment, participation up
- More labour market slack
St George:
- Data supports view that the laboor market is on solid footing
- Probably lessening the chance of another rate cut
NAB:
- Something for everyone in this release
- Doesn't change the overall view that there's plenty of spare capacity in the labour market and the economy in general
- We still see the RBA holding steady for some time to come
- The urgency to act on rates has waned recently
RBC:
- Unemployment rate has crept up a tiny bit higher
- But we don't want to read too much in the data because it has become less reliable in the past year
- Employment looks a bit firmer than what the majority of indicators have been suggesting
- For the RBA, a rate above 6 percent still implies a fair amount of slack in the economy and rates need to be accommodative
- Whether they need to be lowered again depends on what labour demand looks like ahead
- We think it will be pretty soft
- Another cut in the fourth quarter and another by mid-2016
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there will be more to come