Wages only increased by 0.8 percent in the June quarter according to the latest data from the ABS, reducing pressure on the Reserve Bank of Australia to increase rates at its September board meeting.
Australia’s unemployment rate increased by 0.2 percentage points to 5.3 percent in July, seasonally adjusted, with a fall in the number of full time employed.
Retail trade in Australia has improved, but only by 0.2 percent in June, repeating the 0.2 percent growth in retail sales recorded by the ABS in May this year.
The Reserve Bank of Australia has held interest rates at unchanged at 4.5 percent for the third month running, with the RBA signaling its plans to hold rates unchanged until 2011.
The Reserve Bank of Australia looks set to rule out an increase in interest rates at its August board meeting after the ABS released it’s June quarter inflation (CPI) data today.
Economists believe that yesterday’s positive ABS labour force data has increased the possibility that the RBA will look to tighten monetary policy as near full employment triggers inflation pressures.
The number of fully employed persons in Australia grew for the 10th consecutive month, while Australia’s unemployment rate remained steady at 5.1 percent in June.
New figures released by the ABS indicate that the number of Australian retail sales rose again in May, marking the industry’s third consecutive monthly gain.
More Australians are facing underemployment than unemployment in the wake of the GFC, with women hit the hardest, new ABS statistics have found.
Job vacancies fell in May by 2.8 percent from February to 164,600 in the latest ABS data, with public sector vacancies collapsing 12.3 percent over the same period.
