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Australia’s labor market continues to be in a strong shape, indicated by the labor force report of May. Employment in the country grew strongly by 17,900 last month, with the jobless rate remained stable at 5.7 percent. Strength in the employment was mainly seen in part-time jobs that rose 17,900 in May with full-time jobs remaining flat.
Meanwhile, employment data for April was downwardly revised to +0.8k from the initial print of 10.8k. But looking at the last three months, the average growth of employment has been 14,500, as compared with the -2.7 per month in the earlier three months.
According to the labor market indicators, employment will remain strong in the near-term. In May, ANZ job ads grew strongly, while measures of capacity utilization and profitability in the business surveys indicate a strong labor market. In the recent months, the measure of joblessness based on welfare recipients has been quite flat.
The Fed-style labor market conditions index that distils the common trend throughout a huge number of indicators continued to be flat in the past few months, according to ANZ. This implies that the labor market continues to be strong after certain uncoiling of the strength seen in 2015.
Overall, several indicators are giving a more reliable scenario of continued strength in the labor market, indicating towards additional strength in jobs growth, said ANZ in a research report.
The latest labor market numbers will be quite encouraging for the Reserve Bank of Australia; however, constant weakness in inflation is likely to be sufficient for the central bank to lower the cash rate again in August.
“We continue to think that the extent of the weakness in inflation will prompt the Bank to cut rates again in August by 25 basis points, although it remains a very close call," added ANZ.
