The all important labour force data for June will help verify the robustness of recent data on employment, hours worked and the unemployment rate.
For the last three months, the labour force data have provided pleasant surprises to economy watchers, including at the RBA, which is pinning its hopes on a solid pick-up in economic activity over the remainder of 2017 and into 2018.
The general consensus is that a statistical pause is likely with the June data – a flat result for employment and the unemployment rate stalling at 5.5 or 5.6 per cent. Such a result would be respectable, given the recent strength. Any result stronger than this, would get a few more market watchers speculating about an eventual interest rate hike from the RBA.
