Australia jobs report due today – unemployment rate higher or steady?

The Australia jobs report is due at 11.30 am Sydney time:

• 0030 GMT
• 2030 US Eastern time

I posted earlier on how the performance of the employment markets is giving the Reserve Bank of Australia the space to hold its cash rate high. More of the same expected today.

CBA is forecasting a tick higher in the jobless rate:

• Employment growth has been strong over the past three months, surprising analysts on the upside. However, rising participation and population growth have meant that the economy is still not generating enough jobs to keep the unemployment rate from rising.
• We anticipate the unemployment ticked higher to 4.3%, on the back of more modest growth in employment.

Westpac look for it to hold at the same as in August:

• employment to continue expanding at a solid pace in September (Westpac f/c: 40k, market f/c: 25k).
• with participation holding flat, the unemployment rate will likely hold steady at its current level (Westpac and market f/c: 4.2%).

This article was written by Eamonn Sheridan at www.forexlive.com.