Current Economic Conditions
Australia’s labour market has continued to perform well, as June 2010 employment data showed that the national unemployment rate remained unchanged at 5.2 per cent, with the participation rate increasing slightly from 65.1 per cent to 65.2 per cent. Victorian unemployment also remained unchanged for the month at 5.4 per cent, with the participation rate falling slightly from 65.2 per cent to 65.1 per cent.
The Australian dollar was trading at 0.8986 US dollars at close of business on the 30th of July 2010, a depreciation of around 0.2 per cent since the start of this year. The Australian dollar also maintained its current pace against the Euro, trading at 0.6878 at close of business on the 30th. Positive investor sentiment towards economic outlook has lifted the Australian dollar in the past few days.
The Westpac – Melbourne Institute Consumer Sentiment Index increased by 11.1 per cent in July to 113.1 in seasonally adjusted terms, following three months of loses.
All five component indices increased in July, with the largest increase recorded by the component index reflecting family finances vs. a year ago (+17.2%), followed by the component index reflecting economic conditions next five years (+16.2%) and the component index reflecting economic conditions next 12 months (+10.0%). Overall, the current conditions index increased by 11.1 per cent and the expectations index increased by 11.0 per cent. This month’s index comes on the back of news of the cash rate and unemployment rate remaining unchanged.
National retail turnover increased by 0.2 per cent for the month of June in seasonally adjusted terms following an increase of 0.2 per cent last month. Victorian turnover increased by 0.6 per cent in the month of June, following last month’s 0.2 per cent increase. In trend terms, both the Victorian and Australian retail sectors posted modest growth of 0.5 per cent and 0.3 per cent respectively.
New motor vehicle sales decreased 1.2 per cent during June 2010 in seasonally adjusted terms following a revised 3.9 per cent decrease last month. The trend estimates have been re-introduced for all new motor vehicle sales. In trend terms, new motor vehicle sales increased 0.6 per cent for the month, which has been increasing since April 2009.
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Tags: cent, component index, consumer sentiment index, investor sentiment, June, national unemployment rate, retail turnover, trend, unemployment, vehicle
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