Yesterday, a bunch of banks pushed back their rate cut expectations following the supposedly “strong” jobs report. Let’s get a few things clear about that.
The jobs report was not strong. It was weak. The only question is: was it weak enough. Although the headline unemployment rate eased a touch, full time jobs have disappeared for three straight months:
This is typical of Australia’s informal kurzarbeit labour market which leans more towards cutting hours and job sharing than headcount cuts. During the GFC part time jobs boomed, was that a great time for employment?
Advertisement
