In Australia, the unemployment rate rose above 4 per cent for the first time in two years. The number of unemployed people increased by 22,000 in January, pushing the jobless rate to 4.1 per cent, from 3.9 per cent in December.
In Australian economic and market news, there were a broad range of outcomes in the corporate earnings season, with many commentators calling for an interest rate cut to ‘revive’ sectors of the economy.
In Australian economic news, the Reserve Bank of Australia decided to leave the official interest rate unchanged at 4.35 per cent. The ongoing pause was expected by markets, thanks to the slowing in recent inflation.
New inflation data to be release this week are expected to indicate that prices decelerated further in December. Commentators have suggested that the monthly inflation figures will show the rate of inflation has moderated to a two-year low of about 4.3 per cent.
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In Australian economic news, data show that unemployment held steady at 3.9 per cent in December. Alongside this, it was noted that employment dropped by 65,000 people in the month.
In economic and market news, new data show that inflation slowed further to 4.3 per cent in the year to end-November. This outturn was down from 4.9 per cent in October, and said to be the lowest in two years. The softening in inflation was driven in part by outright falls in the price of clothes, appliances, and supermarket staples like lamb and beef over the past 12 months.
In economic and market news, new data show that there was a record amount of retail spending in Australia during November 2023. The $35.6bn spent in the shops represented a stronger-than-expected 2 per cent growth in seasonally adjusted terms, after a fall of 0.4 per cent in October.
In economic and market news this week, a 14 per cent drop in oil prices since November is being taken as a precursor to a significant drop in inflation. Economists are predicting that inflation in Australia will fall to the lowest levels since 2021 off the back of this drop, somewhat relieving cost of living pressures.