The Reserve Bank of Australia (RBA) is closely monitoring new data from the Australian Bureau of Statistics (ABS) on the nation’s jobs market. This follows the RBA’s recent surprise decision to hold the cash rate steady last week, making the jobs figures particularly significant as it considers its next move on interest rates. The central bank’s upcoming decision is scheduled for August 12.
The ABS data, due for release at 11.30am AEST, is anticipated to reveal the creation of 20,000 new jobs during the month of June. Economists predict the unemployment rate will remain stable at 4.1 per cent. A shift is expected in the participation rate, with forecasts suggesting a slight decrease from 67.1 per cent to 67 per cent.
According to TD Securities, a weaker-than-expected jobs report could influence the Reserve Bank to consider implementing a rate cut in August. The RBA will carefully assess the jobs data, alongside other economic indicators, to determine the appropriate course of action for monetary policy.
