Australia: Labour Market (Oct 2012)
Dominic Bryant - Market Economics
Asian Instant Insight | 08 Nov 2012 02:54 |
Employment surprised to the upside somewhat in October, for a second consecutive month. Full-time employment drove the increase. However, other indicators of labour market health are weak at present. In particular, the trend in hours worked is soft. Typically this is consistent with significant domestic demand weakness, which we expect to show through in the Q3 and Q4 GDP numbers. Therefore, we continue to expect a 25bp RBA rate cut in December.
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