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Lapangan Kerja Australia Tetap Kuat Mendukung Sikap Hawkish RBA
Australia’s unemployment rate in February remained relatively low, with employment continuing to grow, further confirming the Reserve Bank of Australia’s assessment: the economy remains resilient enough to withstand tighter monetary policy.
Data released by the Australian Bureau of Statistics on Thursday showed that employment increased by 48,900 jobs, all driven by part-time positions. As the number of job seekers increased, the unemployment rate rose to 4.3%, above the expected 4.1%.
Two days before this data was released, the Reserve Bank of Australia had raised interest rates for the second consecutive time and noted that even before the outbreak of the Iran war, inflationary pressures had already been significant across various sectors of the Australian economy. RBA policymakers are trying to bring inflation back to the 2%-3% target range while maintaining a healthy labor market. This balancing strategy still appears appropriate to the country’s central bank.
Economists and traders are divided on whether the RBA will raise interest rates again in May, and it is also uncertain whether the bank will wait longer to observe the impact of the Iran war. The currency market pricing indicates about a 70% chance of a rate hike by the RBA in May.