Seasonal factors hit jobless rate, rises to 4.1% in January

15 February 2024

 

Summary:  Employment up 500 in January, considerably less than expectations; Westpac: January most seasonal time of year for labour market; Westpac: shifting seasonal dynamics likely played role in some of January’s weakness; ACGB yields fall significantly; rate-cut expectations firm; ANZ: suggests labour market may be slowing more sharply RBA forecast; participation rate steady at 66.8%; jobless rate rises from 3.9% to 4.1%; fewer part-time jobs, more full-time jobs; aggregate work...

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