Australian jobs report due soon – preview

The Australian employment market report is due at 11.30 am Sydney time

  • 0030 GMT
  • 1930 US Eastern time


Snippet preview comments via ANZ:

  • We will be watching the labour market results closely … to confirm that the 15,000 drop in employment in December was a one-off.
  • Our labour market outlook is still very strong through 2023 given elevated job vacancies and ongoing difficulty to find labour, though a turn in business conditions and very low business confidence may be an early sign the tide is turning here.
  • We expect the unemployment rate to be steady at 3.5%.

and Société Générale:

  • We expect January labour-market data to show a slight rebound in employment (15K) from the dip observed in December, which would mean that the underlying employment recovery momentum has continued despite the contraction seen at the end of last year. This likely gain should almost recoup the loss in December.
  • We forecast unemployment and participation rates matching those in December, showing that labour-market conditions remain tight.
  • The number of hours worked is also likely to have increased after contracting in November and December. In conclusion, labour-market data should confirm the growth in economic activity and inflation pressures from the labour market, which will support the RBA’s tightening campaign.

AUD update:


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