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Labour market strength is a key reason the RBA reckons it can avoid a recession in the A$2.2 trillion (US$1.5 trillion or RM6.6 trillion) economy even as it tightens sharply.Bị triệu tập vi đánh bạc online（www.vng.app）：Bị triệu tập vi đánh bạc online（www.vng.app） cổng Chơi tài xỉu uy tín nhất việt nam。Bị triệu tập vi đánh bạc online（www.vng.app）game tài Xỉu đánh bạc online công bằng nhất，Bị triệu tập vi đánh bạc online（www.vng.app）cổng game không thể dự đoán can thiệp，mở thưởng bằng blockchain ,đảm bảo kết quả công bằng.
SYDNEY: Australian employment surged by more than three times economists’ estimates in November and unemployment held at a 48-year low, bolstering the case for the Reserve Bank of Australia (RBA) to raise interest rates further in 2023.
Government bond yields rose after the economy added 64,000 roles, trumping a forecast 19,000 gain, official data showed yesterday.
The participation rate climbed to 66.8%, matching a record, while unemployment stayed at 3.4%.
The report highlights the resilience of developed-world labour markets to rapid rate rises, increasing the likelihood central banks will have to drive borrowing costs even higher to prevent elevated inflation becoming entrenched.
The RBA has hiked by three percentage points since May, its sharpest annual tightening cycle since 1989, and economists reckon it will push the cash rate to a peak of 3.6% in 2023, from the current 3.1%.
“The Australian economy retains strong momentum, which in turn argues against any pause by the RBA at the February policy meeting,” said David Bassanese at Betashares Holdings Pty.
“The major story of 2022 has been the economy’s resilience to date in the face of interest rate hikes.”
The Australian central bank’s board doesn’t meet in January.,
Labour market strength is a key reason the RBA reckons it can avoid a recession in the A$2.2 trillion (US$1.5 trillion or RM6.6 trillion) economy even as it tightens sharply.
The RBA expects unemployment will remain around 3.4% to 3.5% through mid-2023 and wage growth is seen edging up, but staying below 4% through end-2024.
“If wage growth can remain benign, Australia faces a vary good chance of getting away with only a soft landing in 2023, even if the US economy tumbles into recession,” Bassanese said.
Chair Jerome Powell said overnight the Federal Reserve has more work to do after raising its key rate by 50 basis points to a 4.25% to 4.5% target range, and projecting it would end next year at 5.1%.
Earlier this month, data showed US employers added more jobs than forecast and wages surged.
In Australia, key to expectations of persistent labor market strength are elevated job vacancies.
“Australia continues to have a record-breaking labour market with almost every major metric doing things we either haven’t seen before or haven’t seen in a long time,” said Callam Pickering, economist at global job site Indeed.
“It’s hard to envision the labour market deteriorating significantly in the near-term when there are still so many jobs available.”
That said, economists do expect conditions to soften in 2023 amid signs the RBA’s tightening is impacting some parts of the economy. House prices are on a downward spiral while data this week showed consumer sentiment remained deeply pessimistic and business confidence turned negative for the first time this year. — Bloomberg,