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Australian Employment Preview: Forecasts from four major banks, solid job creation

Australia is defined to report its July employment figures on Thursday, August 19 at 01: 30 GMT so when we get nearer to the release time, listed below are forecasts from economists and researchers at four major banks concerning the upcoming employment data.

Australia is likely to have added 25K positions in the month, as the Unemployment Rate is defined to stay at the existing 3.5%. Additionally, the Participation Rate can be viewed as stable, at 66.8%.

ANZ

For July, we expect another solid rise in employment of 40K that ought to start to see the unemployment rate edgingdown to 3.4%, despite having a little rise in participation, coming to sub-3%.

Westpac

We’ve an around trend forecast of 50K. We choose a further 0.1% upsurge in participation to 66.9% limiting the fall in unemployment to 0.1ppt to 3.4%.

TDS

July is really a seasonally strong month for job gains and we search for the unemployment rate to trend lower. Another strong labour print (we forecast 50K) should supply the RBA the assurance that the economy can withstand a cash rate of 3% by end-2022.

NAB

We search for employment growth of 20K and for the unemployment rate to be unchanged at 3.5%.

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