The labour market report for Australia in May is due at 0130GMT on Thursday 14 June 2018
- Employment Change: K expected 19.0K, prior 22.6K
- Unemployment Rate: % expected 5.5%, prior 5.6%
- Full Time Employment Change: K prior was +32.7K
- Part Time Employment Change: K prior was -10.0K
- Participation Rate: % expected 65.6%, prior was 65.6%
Previews already posted:
- Not long until the Australian jobs report - preview (ANZ)
- Australian jobs report due today - preview (NAB, CBA, RBC)
This one now, via:
Westpac:
- Employment rose 22.6k in April ... The three month average gain in April was just 4.9k compared to an average of 27.7k for the previous year. Momentum in employment stalled in early 2018 and annual employment growth dipped to 2.7%yr from a January peak of 3.6%yr. The six month annualised pace is now 2.5% while the four month annualised pace is just 1.3%yr.
- The leading indicators are still pointing to sound monthly employment prints as is estimates of population growth. However, due to base effects our forecast +17k gain in employment has the annual pace dipping to 2.6%yr.
- Despite a sound print on employment in April the unemployment rate rose to 5.6%, (5.60% at two decimal places) a full percentage point on 5.5% in March … jump was due to a 33.2k lift in the labour force with participation bouncing to 65.61%. The strength in female participation has been driving the overall lift in participation. However, it is the weakness in male employment, given the recent strength male participation, that is behind the lift in unemployment. We are forecasting a flat participation rate for May which means that after rounding, the forecast +17k in employment is enough to lower the unemployment rate to 5.5%.
