Australian Employment Preview: Forecasts from four major banks, solid job creation

Australia is set to report its July employment figures on Thursday, August 19 at 01:30 GMT and as we get closer to the release time, here are forecasts from economists and researchers at four major banks regarding the upcoming employment data.

Australia is expected to have added 25K positions in the month, while the Unemployment Rate is set to remain at the current 3.5%. Additionally, the Participation Rate is also seen as stable, at 66.8%.

ANZ

“For July, we expect another solid rise in employment of 40K which should see the unemployment rate edging down to 3.4%, even with a small rise in participation, on its way to sub-3%.”

Westpac

“We have an around trend forecast of 50K. We look for a further 0.1% increase in participation to 66.9% limiting the fall in unemployment to 0.1ppt to 3.4%.”

TDS

“July is a seasonally strong month for job gains and we look for the unemployment rate to trend lower. Another strong labour print (we forecast 50K) should give the RBA the assurance that the economy can withstand a cash rate of 3% by end-2022.”

NAB

“We look for employment growth of 20K and for the unemployment rate to be unchanged at 3.5%.”