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Australia jobs report expected to keep unemployment at 4.4%
Markets are also looking at how employment data could affect the Reserve Bank of Australia’s policy stance, after the RBA held its cash rate at 4.35% in August.
Australia is set to release its July monthly employment report on Thursday at 01:30 GMT, with analysts expecting a modest increase of about 15K in job creation and an unemployment rate unchanged at 4.4%, according to FXStreet.
The report from the Australian Bureau of Statistics is also expected to show the participation rate at 66.9%, after 67.0% the prior month, alongside monthly Employment Change figures covering both full-time and part-time work.
FXStreet notes that the details of the employment split matter, since full-time roles generally involve 38 hours or more per week and typically include more benefits, while part-time employment tends to be less consistent even if it can carry higher hourly rates.
While the soft employment outlook could weigh on the Australian dollar near term, FXStreet says attention is split with the RBA’s inflation focus, and it points out that in August the RBA kept the Official Cash Rate at 4.35%, citing still-elevated inflation with oil and related commodity prices higher since the Middle East conflict.