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9 Sep 2015
ABS released ahead of Jobs data; looking for a flat outcome - TDS
FXStreet (Guatemala) - Analysts at TD securities noted the RBA re-benchmarked the labour force history on new population estimates.
Key Quotes:
"So after today’s data we are now forecasting a flat outcome for employment, from our earlier –10k call. "
"Otherwise the main takeaways from today’s ABS release - Conclusions (1) monthly volatility is still rampant, especially around holiday timings such as Easter/Christmas (2) the whole “level” of employment was shifted down, such that recent annual growth is closer to 1.8% rather than 2.0% and (3) the unemployment rate at 6-6.3% over the last twelve months still fits with the RBA’s definition of “stable”, hence the benchmarking has no implications for monetary policy."
Key Quotes:
"So after today’s data we are now forecasting a flat outcome for employment, from our earlier –10k call. "
"Otherwise the main takeaways from today’s ABS release - Conclusions (1) monthly volatility is still rampant, especially around holiday timings such as Easter/Christmas (2) the whole “level” of employment was shifted down, such that recent annual growth is closer to 1.8% rather than 2.0% and (3) the unemployment rate at 6-6.3% over the last twelve months still fits with the RBA’s definition of “stable”, hence the benchmarking has no implications for monetary policy."