Employment data in focus as economists sharpen rate cut predictions
Will it be another strong month for the jobs market?
The Reserve Bank will be watching closely this week as the data flow sheds light on whether resilience in the labour market is continuing and whether the recent unwanted uptick in inflation in offshore economies is a blip or the start of a concerning trend.
Here’s what you need to know about the key economic data releases this week.
New numbers
The data: Building Approvals, November 2024, Australian Bureau of Statistics
When: Tuesday 14 January 2025
More to watch: Engineering Construction Activity for September, released on Wednesday.
The data: Labour force, December 2024, Australian Bureau of Statistics
When: Thursday 16 January 2025
What to expect: The much-watched unemployment rate has continued to surprise economists in the monthly labour force reads, so it's worth taking forecasts with a pinch of salt.
The RBA’s latest statement on monetary policy, published in November, forecast the unemployment rate to hit 4.3% by the end of 2024.
