Economists are cautious of an interest rate rise in August after the Australian Bureau of Statistics (ABS) revealed unemployment jumped to 4.1 per cent despite beating market expectations.
Economists are cautious of an interest rate rise in August after the Australian Bureau of Statistics revealed unemployment jumped to 4.1 per cent despite beating market expectations.
Unemployment is up over the past month despite 50,000 more jobs being created. Picture: Newswire / Gaye Gerard Asked if there was much reaction from money markets on Thursday's data, Ms Mousina indicated a significant jump. “The more comprehensive June quarter CPI data out at the end of July is the all-important release for the Reserve Bank Board ahead of their next meeting,” she said.
“If, however, the RBA was to ratchet up the cash rate – which it would most likely do via two 25bp bumps – then the Australian economy is likely to slow even further than its currently morbid growth rates, reducing labour demand and raising the unemployment rate as a consequence,” Dr Rynne said.
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