Rising unemployment a negative for wages and inflation, say economists.
The 34,700 increase in jobs for the month was swamped by the seemingly inexorable rise in the participation rate to 66.2%. Just an hour prior to the release, Treasurer Josh Frydenberg announced an improved budget deficit of just A$690 million in the fiscal year that ended June 30. “Rising unemployment is a negative for wages and inflation and justifies the Reserve Bank’s stance on rates. A rate cut at either their October or November meetings seems all but certain.”
Two of the nation’s most-watched economists, Westpac Banking Corp’s Bill Evans and JPMorgan Chase & Co’s Sally Auld, think Lowe will move next month and again in February.
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