4.5% Jobless Isn't Australia's Demand Signal
ANZ-Indeed job advertisements rose 2.5 percent in August, the fourth consecutive monthly increase. The Australian Bureau of Statistics has not published August labour force; that release is due 24 September. July's 4.5 percent unemployment rate is already being treated as proof that domestic demand is cooling.
NZ-Indeed Australian job advertisements rose 2.5 percent in August after a revised 1.9 percent in July. Seasonally adjusted, that is four consecutive monthly gains: May 2.3, June 0.3, July 1.9, August 2.5. The series sits 7.8 percent higher than a year earlier and 21.4 percent above its 2010s average. The Australian Bureau of Statistics will not publish August labour force until 24 September. Desks are already trading July. The dominant read of July is cooling. Seasonally adjusted unemployment ticked to 4.5 percent. Employment fell 15,800 to 14,807,200. Hours worked dropped 12 million, or 0.6 percent. Participation slipped to 66.9 percent. After the 20 August release, several economists said another cash-rate hike had become unlikely. The Reserve Bank's August Statement on Monetary Policy had already lifted…
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