June’s 10.3k increase in jobs was larger than market expectations, which centred on a flat outcome {CBA (f) +10k}. Today’s figures suggest that low interest rates and a weaker Australian dollar are supporting the domestic labour market. The labour market is soft. But there is a lot to like in today’s numbers. The economy is still delivering net job gains. The unemployment rate is creeping higher. But the lift is slower than expected. The data indicates that jobs growth in some sectors is offsetting the often highly publicised jobs losses in other sectors. A weak labour market in the mining States is being offset by better outcomes in the other States.
Read the full report: Economic Research
Commonwealth Bank