Rising oil prices, higher bond yields and persistently high house prices are colliding with signs of economic pressure.
One way to read the sharp 1.5 per cent drop on the ASX 200 on Thursday is as a sign of investor confusion at the multiple forces buffeting the Australian economy.
Westpac’s Ryan Wells notes there is an emerging softness in hours worked, which fell 0.4 per cent in September after falling 0.5 per cent in August. Another striking data point highlighted from Aird shows that the share of workers doing more than one job is sitting at a record high of about 6.7 per cent. That equates to 1.1 million workers holding down two or more jobs, which Aird says suggests the growing pain of cost-of-living pressures, particularly for those who rent or have a mortgage.
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