Jobs growth 'consistent with RBA rates policy'

By Mozo ·

The Reserve Bank (RBA) will likely feel comfortable with its current interest rates policy following the release of new jobs data, it has been suggested.

ANZ economist Amber Rabinov told Dow Jones Newswires that following the release of the employment data, she expected the RBA to lift the official cash rate from its current level at 4.75 per cent to five per cent in the third quarter of 2011.

She was commenting after Australian Bureau of Statistics figures revealed that total employment rose by 24,000 last month to maintain the RBA's optimistic assessment of the economy.

"It was a pretty solid result all up," said Ms Rabinov.

"I think the RBA will be very comfortable with this set of numbers."

Among the other jobs figures, it was shown that the unemployment rate held steady at around five per cent as the number of people in full-time work fell by 8,000 but those in part-time work rose by 32,000.

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