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The employment data exceeded market expectations

29/02/2023

The employment data exceeded market expectations, and the RBA may resume raising interest rates in May! Expert: Raise interest rate to 4.1% in August

According to the Australian Bureau of Statistics, inflation rose by 6.8% in the 12 months to February (consensus expected 7.2%), suggesting that the Australian economy is on track to normalize. It was the second month in a row that annual inflation fell after a peak of 8.4 per cent in December and a 12-month rise of 7.4 per cent to January, but the figure was still well above the RBA's 2 to 3 per cent The goal.

The Reserve Bank of Australia said it would closely monitor the latest data from the Australian Bureau of Statistics on Wednesday and consider whether to raise interest rates for an 11th consecutive time when it meets next week.

The largest contributors to the annual inflation increase through February were housing (up 9.9 per cent), food (up 8 per cent), transport (up 5.6 per cent) and entertainment and culture (up 6.4 per cent), the report showed.

Australian Bureau of Statistics chief executive Michelle Marquardt noted the annual increase in the housing sector was lower than in January (10.4 per cent).

Michelle Marquardt said: “In the 12 months to February, new dwellings rose by 13.0%, the slowest annual growth since February 2022, as building material price increases continued to slow. rose, maintaining the 4.8% annual gain recorded in January.”

Australia’s S&P/ASX 200 narrowed losses after the data, before turning higher.

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