WEEKEND ECONOMIST: Labouring for a rate cut

With the recent release of soft Australian labour data, an expected total 100bps of rate cuts by the RBA would see more even economic growth and a boost to the labour market in 2012.

On Thursday, just one day after the solid but somewhat dated September quarter National Accounts, we received a more timely update on the Australian labour market that painted a more sober picture of domestic economic conditions, with data for the month of November. The labour force release was soft. Jobs were lost during the month of November and the unemployment rate increased to 5.3 per cent, up from 5.2 per cent. For the Reserve Bank these trends will reinforce downside risks to growth and inflation pressures for 2012.

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