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Thursday, June 24, 2021

Is the Australian jobs created miss a blip? Momentum in the economy is considerable.

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The Australian April employment labour market report was a miss on jobs created but did show a lower unemployment rate nonetheless:

Check out that link for the why to apparent conflict. Also, the Australian Bureau of Statistics says seasonal impacts in the April data have made it difficult to spot impacts clearly from the expiry of the JobKeeper government wages support. 

AUD response has been minor:

As we thought it would be:

Moving on, some commentary from ANZ, not directly on the jobs report but related nonetheless, referring to one of their proprietary indicators:

ANZ’s Stateometer index confirms that the economy has considerable momentum

  • all states and territories accelerating in Q1
  • Western Australian economy continues to outperform
  • economic activity is above trend for all states and territories except Victoria


The Australian April employment labour market report was a miss on jobs created but did show a lower unemployment rate nonetheless:

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