Australia's Employment Data Aligns with Market Expectations

Australia's employment figures for the previous month met market expectations, indicating an increase in full-time hiring by businesses. According to RTHK, the likelihood of the Reserve Bank of Australia raising interest rates by 0.25% at its May meeting has risen to approximately 77%. The Australian Bureau of Statistics reported a net increase of 17,800 in employment numbers for January, aligning with forecasts, while December's employment figures were revised to show a growth of 68,500. Full-time employment rose by 50,500 in January. The unemployment rate remained unchanged at 4.1%, the lowest since May of the previous year, contrary to market expectations of a slight rise to 4.2%. Analysts believe that persistent wage growth and a consumer price index (CPI) exceeding targets provide strong justification for further policy tightening.