Australian Bureau of Statistics with wages data for the first 3 months of 2017
- expected +0.5% q/q, prior +0.5%
- expected +1.9% y/y, prior +1.9%
As expected and in line with the previous. I posted the y/y graph earlier, here it is again.
Extend that white line one notch over to the right and the graph will be up to date.
Weak wage growth.
As I said earlier in the preview to this data:
A notable line in the minutes from the Reserve Bank of Australia May meeting said that developments in labour and housing markets warrant "careful monitoring"
Well, today we get some labour market data that indeed is the sort of thing the Bank believes needs that careful monitoring ... wages data for Q1.
On the labour market there are two things the RBA is specifically watching;
- growth in the jobs market (its too slow for RBA comfort)
- and growth in wages (ditto).
Slow growth in each is weighing on consumer spending (and, on another issue, the Reserve Bank of Australia is concerned high houslehold debt is also weighing on spending and is a key economic risk) ... but that's a story for another day, today its wages).
Nothing today to change their mind I would think. With CPI on the rise real wages are on the decline.
more to come