US jobs growth has a record downward revision as traders turn their attention to inflation data for Fed cut clues. And Australian consumer confidence rises again, while business conditions also tick up in August.
In our Deep Dive interview, ANZ Economist Sophia Angala looks at what has been driving Australian trade growth since the pandemic.
5 things to know in 5 minutes:
Data overnight showed the US jobs market was weaker than indicated, following a record downward revision of non-farm payroll jobs in the year to March. ANZ Economist Bansi Madhavani says while the direction of the revision was expected, the size - 911,000 - was not. It meant only 847,000 jobs were created in the year, instead of over 1.7 million.
ANZ-Roy Morgan Australian Consumer Confidence rose another 1.3 points last week to 89.3. ANZ Economist Sophia Angala says strengthening confidence in household finances led the rise.
Business conditions also rose in August, according to NAB’s survey. They were up 2 points to near their long-run level on the back of capital expenditure and forward orders rising, says ANZ Senior Economist Adelaide Timbrell.
Adelaide says business price indicators were within recent ranges, although there was some disinflation in final product and retail prices.
The final clues for New Zealand’s Q2 GDP were out yesterday, with manufacturing sales falling 2.9% in volume terms over the three months. ANZ Senior Economist Matthew Galt says that was weaker than expected and more than reversed the 2.4% lift in Q1.
Cheers,
Bernard.
PS: Catch you tomorrow with the latest on Chinese inflation.
