A surprise tick up in the unemployment rate is raising questions if the labour market is beginning to show weakness.
Australia’s unemployment rate jumped to 4.3 per cent, the highest it’s been since November 2021.
A rise of just 2,000 new jobs was offset with a jump in unemployment, with an additional 33,600 people looking for work.
The rise in the jobless rate comes a week after the Reserve Bank shocked markets and held fire on an interest rate cut.
Markets are betting an August rate cut is all but assured, but there are questions whether the RBA should have moved sooner.
Chief Interest Rate Strategist at Barrenjoey, Andrew Lilley says even with the benefit of hindsight, he thinks the RBA got this rate cycle "exactly right." He expects the labour market will stay steady going forward with inflation in the RBA’s target range between two and three per cent.
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