Beats on the jobless rate and jobs added. Yesterday showed strong wage growth too.

  • Employment Change: +64.8K expected 30.0K, prior 366.1K

  • Unemployment Rate: 4.2% expected 4.5%, prior 4.6%

  • Full-Time Employment Change: +41.5K prior was 128.3K

  • Part-Time Employment Change: K prior was 237.8K

  • Participation Rate: 66.1% expected 66.2%, prior was 66.1%

The survey was taken between 28 November and 11 December, prior to the Omicron outbreak.

4.2% is the lowest for unemployment since 2008.

  • Hours worked +1%m/m.
  • Underemployment 6.6% vs 7.5% in the prior report

Both CBA and WPAC are tipping RBA rate hikes this year now (WPAC forecast link is below). Strong jobs growth, strong wages growth. Waiting for the CPI report now (due on January 25)

Earlier re Australia:

Westpac forecast an RBA rate hike in August 2022

Updated AUD outlook - "headwinds have strengthened early in 2022"