US Fed's rate cut decision, Aussie jobs data headline crucial week ahead in macro
While one of the biggest focuses of the week will be the Federal Reserve rate decision, there's also some critical data being released locally.
The US Federal Reserve's highly anticipated interest rate decision and crucial local jobs figures headline what could be a pivotal week for investors and economy watchers, with the potential to alter the trajectory of global markets.
Here’s what you need to know about the key economic data releases this week.
New numbers
The data: Labour force, August, Australian Bureau of Statistics
When: Thursday 19 September 2024
What to expect: This is a critical datapoint for the RBA ahead of its September 24 rate decision. Economists are split on what might emerge in the August statistical release, though. For instance, Commonwealth Bank economists are tipping a 4.3% unemployment rate, up from 4.2%, with an extra 20,000 jobs and a steady participation rate. But ANZ thinks the unemployment rate will ease to 4.1%. Goldman Sachs expects no change, at 4.2%.
The RBA expects the unemployment rate to reach 4.3% by the end of the year before ticking up to 4.4% by mid-2025 and remaining there until at least the end of 2026. But as RBA chief economist Sarah Hunter recently pointed out, there’s surprising resiliency in the market but also a lot of uncertainty and their expectations could change fairly quickly.
