Today’s 0.6% rise in the QIII WPI was bang on market expectations which centred on a rise of 0.6% {CBA (f) 0.7%}. Annual wages growth is steady at 2.6%pa – the low point since the annual numbers began in 1998. It is significantly belowthe decade average wages growth of 3¾%. Undoubtedly the relatively high unemployment rate sitting above 6%compared to the recent (pre-GFC) cyclical unemployment rate of 3.8% continues to aggravate job insecurity anxieties.These job fears in turn continue to engender very modest wages growth across most sectors.
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