JC Rothchild General - Australian Job Market Strengthens
Summary
This is an impressive rebound from a high point of 7.4% seen in July last year,” said Mr. Akifumi Endo, Chief Finance Officer at JC Rothchild General. The recent data will undoubtedly be well received after the central bank of Australia had warned that jobs would likely be lost as the “jobkeeper” wage subsidy comes to an end. However, although the job market appears to be in good shape in the wake of the pandemic, analysts at JC Rothchild General believe the Reserve Bank of Australia will not raise interest rates just yet. Analysts at JC Rothchild General commented that the decline was in spite of a decrease in employment, as fewer people are seeking employment.Data recently published by the Australian Bureau of Statistics revealed that there had been a loss of more than 30,000 jobs in April. This is an impressive rebound from a high point of 7.4% seen in July last year,” said Mr. Akifumi Endo, Chief Finance Officer at JC Rothchild General.The recent data will undoubtedly be well received after the central bank of Australia had warned that jobs would likely be lost as the “jobkeeper” wage subsidy comes to an end.However, although the job market appears to be in good shape in the wake of the pandemic, analysts at JC Rothchild General believe the Reserve Bank of Australia will not raise interest rates just yet.The RBA holds an unemployment rate target of 4.5% and this has yet to be realized.