Some responses dribbling in
ANZ
- Today's labour force data would provide the RBA with some comfort that there is reasonable momentum in the economy ... momentum has slowed, but we expect the unemployment rate to slowly trend lower over the year ahead
- We continue to see the RBA on hold with an easing bias
TD Securities
- Employment jumped by 39k and all in full-time, apparently. However, this "strength" is entirely due to seasonal adjustment not capturing recent employment trends, and the markets should ignore it
- Full-time hours worked are shrinking
- Difficult to construct a case for a pick-up in wage inflation and overall inflation in Australia in the near term
(ps. Check out my initial post on the employment report where I spoke of the 'trend' data as TD are here)
UBS
- Today's print provides some comfort the jobs market is steadying (despite only 0.7% y/y growth)