While interest rates may have peaked, the labour market is fragile and the economy is set to slow even further
‘Despite high headline inflation, investors have little expectation the RBA will raise rates if it focuses on the fragile labour market.’‘Despite high headline inflation, investors have little expectation the RBA will raise rates if it focuses on the fragile labour market.’Over the next few weeks, the Reserve Bank will ponder just how strong the economy is. And if it focuses on the labour market, unfortunately the signs are that things are not strong at all.
Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup It’s for this reason that I have never put too much store in things such as the “misery index”, which combines inflation and unemployment to give a measure of how miserable we all are. On this score it was good of the OECD to remind us that workers have seen their living standards destroyed over the past couple of years.Our Australian afternoon update breaks down the key stories of the day, telling you what’s happening and why it matters, the OECD noted that real wages have fallen more than most other economies and “are still 4.8% lower than they were just before the pandemic” in December 2019.So when you hear that real wages have fallen by 4.
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