Apr 10, 2014

Strong economic data, but will the RBA take away the punch bowl?

Fresh data shows that monthly volatility aside, the labour market is performing much more strongly than in 2013 -- good news for Joe Hockey despite his gloomy forecasts, write Glenn Dyer and Bernard Keane.

On the face of it, the March jobs data from the ABS, which is out this morning, and the surprise fall in unemployment contained in it, is good news. But there’s a lot of noise in the numbers yet again.

Seasonally adjusted, the number of new jobs rose 18,100 in March, after a rise of 47,300 in February. But after the big jump in full-time jobs in February, reported as more than 80,000, (seasonally adjusted), the number of full-time jobs fell in March — by more than 22,000. At the same time the number of part-time jobs rose more than 40,000 after falling more than 33,000 in February. The unemployment rate dipped to 5.8% from 6.0% (and close to 6.1% on unrounded figures).

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4 thoughts on “Strong economic data, but will the RBA take away the punch bowl?

  1. Simon Mansfield

    Wasn’t Glenn Stevens aiming for a dollar around 85 US cents just a few months ago. Guess that didn’t suit the owning class and their endless desire for cheaper imports and nice holidays in France and New York. The upcoming budget is toast.

    Sadly Bowen can’t say a word having been part of a government that on their watch let the RBA under Stevens destroy the non mining export economy. Hockey sure is one lucky guy.

  2. Jason Hall

    Can someone tell me again why interest rates are the only tool we have? when NZ and others have ways of lowering rates / dollar while keeping a lid on housing.

  3. Simon Mansfield

    Because Stevens is not the sharpest tool in the box. Is that not obvious after 7 years – that has seen 2 housing booms, a mismanaged currency war and a complete disregard for the basic RBA Charter. Stevens should resign and be replaced with someone from outside the RBA. The RBA is simply a group think institution where the only way to advance your career is to agree with the Boss.

  4. Jason Hall

    So the RBA does have more tools? it is not bound by gov’t regulations or something that prevent it from doing anything other than interest rate fiddling?

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