Australia is slated to release its July employment data on Thursday 19 August at 01:30 GMT, and as we get closer to release time, here are economists from the four major banks and The researchers forecast the upcoming employment data.
Australia is expected to add 25,000 jobs this month, while the unemployment rate will remain at the current 3.5%. In addition, the participation rate is also considered stable at 66.8%.
ANZ
“For July, we expect a 40K increase in employment, which would bring the unemployment rate down slightly to 3.4 %, even if the participation rate rose slightly, it would fall below 3%.”
Westpac
“We have A trend forecast around 50K. We expect the participation rate to increase by a further 0.1% to 66.9%, thereby reducing the unemployment rate by 0.1pp to 3.4%.”
TDS
“July was a seasonally strong month for job growth and we expect the unemployment rate to trend down. Another strong labour force data (50k we forecast) should reassure the RBA The economy can afford a 3% cash rate by the end of 2022.”
NAB
“We expect 20K job growth, unemployment Stay at 3.5%.”
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