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More weighting should be placed on other Aus labour indicators - ANZ

FXStreet (Bali) - According to ANZ, the overriding takeaway from today’s Australian jobs release is that more weighting should be placed on other indicators of the labour market at the moment.

Key Quotes

"More weighting should be placed on other indicators of the labour market at the moment. ANZ job ads have been gradually improving for some time now, and there has been a more pronounced improvement in measured business profitability and capacity utilisation, all of which have been reliable indicators of employment growth and the unemployment rate in the past. Indeed almost all of the other key labour market ‘cross checks’ we look at have also shown some improvement."

"We will need some more months of official statistics to garner what they mean for actual labour market conditions. This will also complicate the monetary policy decision making process in coming months, particularly given the RBA’s reticence in the past to tighten monetary policy settings until the unemployment rate has at least stabilised."

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