The Australian jobs market report was out earlier:
ING has issued a response, with implications for the Reserve Bank of Australia. This in (very) brief):
- probably the main message from today's labour market figures - labour demand remains very strong
On the Reserve Bank of Australia:
- As a relative late-comer to the hiking game, the RBA will not be too comforted by today's figures. The implied strength in labour demand means that they still have a way to go to get rates out of their current accommodative setting, and labour market tightness is likely to get more, rather than less extreme as they make that transition.
- Like many other central banks are finding currently, the arguments for stepping up the pace of tightening are gaining credibility. "More, sooner", may mean "less and for shorter" in total as far as rate hikes are concerned.
