A worker pushes a trolley loaded with goods past a construction site in the central business district (CBD) of Sydney in Australia, March 15, 2018.
REUTERS/David Gray/File Photo Acquire Licensing RightsSYDNEY, Aug 17 (Reuters) - Australia employment unexpectedly fell in July to end two months of very strong growth, while the jobless rate ticked higher in a sign the drum-tight labour market might finally be loosening.
"Even so, the deterioration in the labour market has a long way to run before the RBA can completely relax."
The labour market has proved remarkably resilient with 399,000 net jobs added in the 12 months to July even as interest rates have climbed 400 basis points to a decade-high of 4.1%.
"It is getting harder to argue for a sustained lift in wage inflation momentum," said Justin Smirk, a senior economist at Westpac.
Persons:
David Gray, Ben Udy, Justin Smirk, Wayne Cole, Jacqueline Wong, Sam Holmes
Organizations:
REUTERS, Rights, Bank of Australia, Australian Bureau of Statistics, ABS, Oxford Economics Australia, Westpac, Thomson
Locations:
Sydney, Australia