Overall, while it is clear that the pace of jobs growth is moderating, we continue to believe that the unemployment rate will hold broadly steady around five per cent amid trend-like growth in the economy and employment. |
The surprise was that imports remained elevated and that the improvement was due to a large rise in exports, with the latter reflecting a rise in both rural and non-rural. |
We continue to believe that solid household income growth will sustain decent - but not spectacular - consumer spending this year. |