11 Dec 2014
Australia: Breakdown of details highlights soft labour market - Westpac
FXStreet (Bali) - Despite Australian job figures came better-than-expected, according to Westpac, the breakdown of the details highlights a soft labour market.
Key Quotes
"Today was an upside surprise on total employment. But it is not outside the range of normal monthly volatility. Remains consistent with modest employment growth."
"The breakdown of the of the survey details highlights a soft labour market. Also highlighting a soft update was the –0.3% fall in total hours worked although the annual rate to lifted to 1.3%yr from 1.2%yr on base effects."
"The leading indicators had been suggesting that total employment growth should be around 1½%yr by year end with a further possible acceleration in early 2015."
"However, in the last few months the employment indicators in the various business surveys have dipped below their long run average suggesting that any bump up in the pace of employment growth, may prove to be fleeting. At a current pace of 1.2%yr we are not far from this likely peak."
Key Quotes
"Today was an upside surprise on total employment. But it is not outside the range of normal monthly volatility. Remains consistent with modest employment growth."
"The breakdown of the of the survey details highlights a soft labour market. Also highlighting a soft update was the –0.3% fall in total hours worked although the annual rate to lifted to 1.3%yr from 1.2%yr on base effects."
"The leading indicators had been suggesting that total employment growth should be around 1½%yr by year end with a further possible acceleration in early 2015."
"However, in the last few months the employment indicators in the various business surveys have dipped below their long run average suggesting that any bump up in the pace of employment growth, may prove to be fleeting. At a current pace of 1.2%yr we are not far from this likely peak."