Original article by Terry McCrann
Herald Sun – Page: 61 : 20-Jan-23

Official data from the Australian Bureau of Statistics shows that the economy shed 14,600 jobs in December. Economists had expected a gain of about 25,000 jobs. It is important to keep in mind that the ABS data only covers the first two weeks of December, and is therefore already five or six weeks old. The ABS itself concedes that it is only 95 per cent confident that the change in jobs was somewhere between a fall of 78,400 and an increase of 49,200. The loss of 78,000 jobs leading into the Christmas peak retail season would raise concerns about a recession, as well as the prospect of interest rate cuts. A strong increase in jobs could in turn prompt the Reserve Bank to resume lifting the cash rate by 50 basis points. More relevant and more recent evidence on what is happening with the economy will be available when the central bank’s board meets in early February.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, RESERVE BANK OF AUSTRALIA