Labour Force Update

Hot on the heels of wage price index release yesterday, we have Labour Force data out form the ABS today:

📎 Unemployment is down to 3.4%

📎 Australia created 32,200 new jobs

📎 Underemployment rate stayed at 6.0%

📎 Full time jobs were up 16,800. 

This is a great jobs report and shows continued strength in the Australian jobs market (and this time we have no sample group distortions throwing out the figures). 

On the back of the encouraging print for the Wage Price Index yesterday, this is really good news for workers. The continued labour market tightness should lead to further wage increases. 

From an RBA perspective, this print is right on line with the RBA's forecasts and shouldn't have any impact on the RBA's interest rate decision.