0144 GMT - Data showing that Australia's labor market remains tight reinforces Capital Economics' view that the central bank will deliver a shallow easing cycle. Employment growth accelerating to 3.5% on year in January will gave the Reserve Bank of Australia pause for thought, putting employment well on its way to overshoot its 2.8% forecast across 1Q, says senior APAC economist Abhijit Surya. The rise in unemployment was in line with expectations but the uptick overstates the extent to which the job market loosened last month, as there were a higher number of people than usual who had a job but were waiting to start or return to work, he notes. Overall, the data will likely reinforce the RBA's view to be cautious about further policy normalization, he adds. (fabiana.negrinochoa@wsj.com)
(END) Dow Jones Newswires
February 19, 2025 20:44 ET (01:44 GMT)
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