What to expect from today’s Aus jobs? – Westpac

FXStreet (Bali) – Westpac’s forecast on today’s Australian jobs report stands at 15k, which as Sean Callow, FX Strategist at the bank, notes, is a little above market median of 10k (range -17k to +25k).

Key Quotes

“Australia Jul employment will be released at 11:30am Syd/9:30am Sing/HK. Westpac’s forecast of 15k is a little above market median of 10k (range -17k to +25k). Westpac’s Jobs Index is now pointing to a softer pace of employment growth in H2. Our forecast for the unemployment rate is in line with market median at 6.1%.”

“In Jun, the unemployment rate rose to 6.04% unrounded. Holding participation rate constant at 64.8%, we should see a 24k rise in the labour force given the working age population growth, which generates a 0.1ppt rise in the unemployment rate. As always, there is plenty of scope for surprises, with AUD likely to gain more on say a >20k jobs print than it loses on a flat or negative headline.”

Westpac’s forecast on today’s Australian jobs report stands at 15k, which as Sean Callow, FX Strategist at the bank, notes, is a little above market median of 10k (range -17k to +25k).

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