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The August Statement of Monetary Policy (SoMP) from the Reserve Bank of Australia (RBA), released on Tuesday, forecast that the unemployment rate would decline back to 4.2% before rising gradually to 4.3% over the forward estimates.
Today, the Australian Bureau of Statistics (ABS) released the July Labour Force survey, which posted a bounce back in the labour market, with the unemployment rate retracing back to 4.2% on the back of 24,540 new jobs, 60,460 of which were full-time.
As illustrated below by Alex Joiner from IFM Investors, the result was bang in line with RBA expectations.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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