RBA Hold Fire – please

May 18, 2011



The data this morning was on the weak weak weak side and if the RBA hikes into this then they are denying that the vast majority of the Australian economy is still consumption.

Consumer Sentiment continues in a down trend and the Wage Cost Index was as benign as could be expected. Importantly the setors of the economy which are the big employers were all at or below the long average.

So we’re betting there is no chance of a hike in June.

Here is a link to our Data Sword Consumer Confidence post and our Wage Cost Index post at MacroBusiness



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