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ABS 6345.0 - Labour Price Index, Australia, Mar 2012; Wages rise more than expected
Topic Started: 16 May 2012, 03:06 PM (786 Views)
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ABS Data: http://www.abs.gov.au/ausstats/abs@.nsf/mf/6345.0

WPI-Quarterly changes: Trend(a), Total hourly rates of pay excluding bonuses
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WPI - Annual change: original, Total hourly rates of pay excluding bonuses - States/Territories, by sector, Mar Qtr 2012
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MARCH KEY POINTS

TOTAL HOURLY RATES OF PAY EXCLUDING BONUSES

QUARTERLY CHANGE (DEC QTR 2011 TO MAR QTR 2012)

The index for all employee jobs in Australia rose 0.9%, in trend terms.
The increase in indexes (in original terms) at the industry level ranged from 0.2% for Accommodation and food services; Information media and telecommunications; and Arts and recreation services to 2.2% for Mining.

ANNUAL CHANGE (MAR QTR 2011 TO MAR QTR 2012)

The rise in the trend index through the year to the March quarter 2012 for all employee jobs was 3.6%.
Increases in the original indexes through the year to the March quarter 2012 at the industry level ranged from 3.0% for Retail trade; Public administration and safety; and Health care and social assistance to 4.6% for Mining.
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Wages rise more than expected

May 16, 2012 - 11:39AM

Wages grew at a faster pace than economists estimated in the first quarter, led by paychecks for miners.

The wage price index, which measures hourly pay rates excluding bonuses, advanced 0.9 per cent from the previous three months, when it rose 1 per cent, the statistics bureau said today. That compares with forecasts for a 0.8 per cent gain.

CMC chief market strategist Michael McCarthy said the data showed stronger demand in the labour market compared with the Reserve Bank of Australia’s reading in recent months.

‘‘It’s in direct contrast to the RBA comments published yesterday, and which they made a month ago, that they’d seen a softening in demand and in inflation,’’ he said. ‘‘It’s not reflected in this increase in wage costs - this has inflationary implications, as well as speaking to a much better than expected demand situation.’’

Mr McCarthy said the data should moderate the view that Australia’s inflation was notably low. He added that this could make another rate cut from the RBA less predictable than earlier thought

Read more: http://www.smh.com.au/business/wages-rise-more-than-expected-20120516-1yq1q.html#ixzz1v0ChrUgK
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Wages grew at a faster pace than economists estimated in the first quarter, led by paychecks for miners.


It was not led by paychecks for miners - it was completely dominated by paychecks for miners. The pace of growth decellerated in all other industries over the quarter.

Shame that mining employs such a tiny percentage of the labour force.
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