Previous Trading Days Events 14 Dec 2023

Australias employment figure far outpaced expectations for a second month in November. The jobless rate, however, rose to a 112 year high as more people searched for work.

Net employment jumped remarkably by 61.5K in November from October. The unemployment rate rose to 3.9, the highest reading since May last year, from an upwardly revised 3.8 in October.

The Federal Reserve signalling rate cuts in the year ahead

I think from the RBAs point of view, this is kind of where they expected it to be and I dont think that theyll be particularly surprised by these results, said Cherelle Murphy, chief economist at EY Oceania. There is certainly enough momentum for the economy to result in employment growth, but it will slow and we will see the unemployment rate rise a little.

We expect it to be harder to hold down the unemployment rate from here given the above dynamic in a slowing economy and when indicators of the labour market are loosening, said Belinda Allen, an economist at the Commonwealth Bank of Australia.

Source httpswww.reuters.comworldasiapacificaustraliaemploymentsurgesnovjoblessratehit112yearhigh20231214

The Bank of England BOE and the European Central Bank ECB, held borrowing costs steady and pledged to keep monetary conditions restrictive as long as necessary. ECB and BOE are reluctant to cut rates, a more tightening view than the Fed. The U.S. Federal Reserve on Wednesday signalled it would cut rates more than…