The Australian Bureau of Statistics will release April labour-market data on 7 May. Moderate job creation of 4,000 jobs are expected, versus 37,700 in March. The unemployment rate likely rose to 6.2% from 6.1% in March, while the participation rate likely remained unchanged at 64.8%. Consumer and business confidence is subdued, with the central bank uncertain about borrowers’ response to low interest rates. The labour market is expected to stay soft in the coming months as businesses remain reluctant to invest, despite the low interest rates. The central bank cited falling business capex and resulting weak domestic demand as concerns at its April monetary policy meeting. “We expect the unemployment rate to remain high in the medium term”, Said Standard Chartered in a report on Wednesday.
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