See the latest Australian dollar analysis here:
The wage price index is out and missed consensus for 0.6% March quarter growth at 0.5%. Year on year was on target at 2.1%:
TOTAL HOURLY RATES OF PAY EXCLUDING BONUSES
QUARTERLY CHANGE (DEC QTR 2017 TO MAR QTR 2018)
- The trend and seasonally adjusted indexes for Australia both rose 0.5% in the March quarter 2018. This continued the moderate rate of wage growth recorded by the series over the last two years.
- The Private and Public sector both rose 0.5%, seasonally adjusted.
- The largest rise in indexes at an industry level (in original terms) was recorded in the Education and training industry (0.8%). A number of industries recorded the same lowest rate of wage growth, 0.2%.
ANNUAL CHANGE (MAR QTR 2017 TO MAR QTR 2018)
- The trend and seasonally adjusted indexes for Australia both rose 2.1% through the year to the March quarter 2018. This continues the rate of wage growth recorded in the December 2017 quarter.
- Rises through the year to March quarter 2018 at the industry level (in the original indexes) ranged from 1.4% for Mining to 2.7% for Health care and social assistance.
Going nowhere fast. The Aussie dollar took it poorly:
More to come…
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
Latest posts by Houses and Holes (see all)
- Albo cleans up Morrison’s Pacific mess - June 24, 2022
- Global PMIs break - June 24, 2022
- And now for a copper glut… - June 24, 2022
YOU MAY ALSO BE INTERESTED IN
Macro Afternoon
Some solid gains to finish the week on Asian
RBA board needs union representation
ACTU secretary Sally McManus has dismissed RBA
Household wealth hit record high $14.9 trillion before RBA tightening
The Australian Bureau of Statistics (ABS)
Macro Morning
More overnight volatility on equity markets
Seven consecutive years of predictive failure by the RBA et al to be continued and they tell us they understand what’s going on
bwahhahahahahahaha
it is a continual…..f kn joke.
with no accountability,..backed by a supporting Government
If you can’t mention “immigration” then how can you get it right?
To paraphase RBA’s Debelle yesterday……… ‘based on the experience of other countries, wages growth may remain lower than historical experience would suggest. RBA’s liaison showed most firms expect wages growth to remain broadly stable.’
In Debelle’s opinion ‘this argues for ongoing wage outcomes centred around 2% yearly growth and for an even lower unemployment rate than currently expected to generate higher wages growth in the future.’.. but it hasn’t happened in the US yet!
Obviously they are still learning from our Chinese overloads – just make shit up. If the numbers are no good then juice them a little. Perpetual boom times.