Unemployment, building activity and central banks: The week ahead in macro
The labour force already has economists urging a closer look than usual at the headline figures, making this week's data even more critical.
Following a week dominated by US rate cut hopes and pessimism from consumers at home, the focus in Australia will turn to the labour market and the unemployment rate. Globally, there are plenty of inflation data and central bank speeches to take on board, including a local panel with the RBA's head of economic research that will attract attention just weeks ahead of the August rate decision.
Here’s what you need to know about the key economic data releases this week.
New numbers
The data: Building activity (March quarter), Australian Bureau of Statistics
When: Wednesday 17 July 2024
What to expect: The last data release, for the December quarter, reported a 1.3% decline over the year of total dwellings completed and a 6.4% decline in total dwellings commenced. The building sector has been under pressure with rising costs of materials and labour contributing to the challenges, though building approvals have started to tick up.
Property research house CoreLogic last week published its Cordell Construction Cost Index, which found residential construction costs are rising at the slowest annual pace in more than two decades, with a 2.6% increase over the 2024 financial year. Despite this, CoreLogic research director Tim Lawless said while cost growth is back within “normal margins” the price of construction isn’t falling and building or renovating remains about 30% more expensive than it was pre-pandemic.
