Australia: +15k seen on employment, jobless rate to steady at 5.0% - Westpac

The Westpac Analysts offer a sneak peek at what to expect from the Australian January labor market report due on Thursday at 0030 GMT. 

Key Quotes:

“Our Jobs Index has moderated but is still pointing to a solid pace of employment growth. The annual pace of job ads recently turned negative just as some of the business surveys showed weaker employment conditions. But the low level of unemployment expectations suggests we are facing a moderation in employment, not a correction.

For January, +15k on employment, holding the participation rate flat, is enough to hold unemployment at 5.0%.

It is also worth noting that 2018 produced a -0.2ppt decline in the underemployment rate from Q1 to Q4. However, at 8.4% it is still a historically elevated level.”