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Australian employment data shows mixed signals as full-time jobs rise despite overall decline
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Australian employment data shows mixed signals as full-time jobs rise despite overall decline
Australia's employment landscape presented mixed signals in May, with overall employment declining despite a strong rise in full-time positions, according to analysis of the latest Labour Force data.
Australian employment data shows mixed signals as full-time jobs rise despite overall decline
Australia's employment landscape presented mixed signals in May, with overall employment declining despite a strong rise in full-time positions, according to analysis of the latest Labour Force data.
Krishna Bhimavarapu, APAC Economist at State Street Global Advisors, said the employment figures reflected contrasting trends across the country.
"Australia's employment landscape remained mixed in May as overall employment declined despite a strong rise in full-time employment," he said.
Bhimavarapu noted that a large contraction in flood-impacted New South Wales could explain the downside surprise in the data.
However, he highlighted that Victoria also experienced a similar decline, suggesting broader factors may be at play.
The economist said the employment data may not be sufficient to alter the Reserve Bank of Australia's recent dovish stance on monetary policy.
"The big picture is that this data may not be sufficient to alter the dovish turn made by the RBA, as the strong labour market is not translating into strong growth (yet)," Bhimavarapu said.
He suggested the central bank could consider easing monetary policy in the near term, pending upcoming inflation data.
"Absent any surprise in inflation data next week, the RBA could very well consider a July rate cut," he said.
State Street Global Advisors is part of State Street Corporation, one of the world's leading providers of financial services to investors with US$46.8 trillion in assets under custody and administration, and $4.7 trillion in assets under management.
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