As U.S. tariffs on steel and aluminium threaten to put thousands of Australians out of work, they can at least be encouraged that jobs remain plentiful in a historically strong labour market.
The unemployment rate is expected to remain at 4.1 percent, well below pre-pandemic levels, when the Australian Bureau of Statistics releases labour force statistics on Thursday.
Market consensus is for 30,000 new jobs to have been added to the economy in February, following an unexpectedly strong 44,000 gain in employment the month before.
The surprise was mostly due to seasonal factors, with more people attached to a job but waiting to start work than usual, NAB economists Tapas Strickland, Taylor Nugent and Gavin Friend said.
That sets up the prospect of some payback in February, with the trio going against the crowd and predicting the unemployment rate to drop to 4 percent, following a 10 basis point lift in January.
The labour market’s persistent strength, which has obliterated all expectations of the Reserve Bank, has been underpinned by growth in the non-market sector.
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