Economic wrap: watching for Aussie jobs - Westpac

Analysts at Westpac offered an economic wrap.

Key Quotes:

"US import prices fell 0.2% in August (vs 0.0% expected) and export prices fell 0.8%. Trade prices face ongoing headwinds from slow global growth, the oil sector, and large inventories.

Economic Event Risks Today

"NZ GDP for Q2 is expected to be 1.1% stronger over the quarter and 3.6% stronger over the year – a faster pace than the 2.8% annual gain in Q1, with growth broad-based.

Australian employment: August is expected to see trend employment growth of 15k. Together with an unchanged participation rate, this will keep the unemployment rate unchanged at 5.7%.

The Australian Chamber/Westpac manufacturing survey moderated in Q2 to a still robust 55. The AUD and housing are supportive.

The Bank of England should remain on hold pending further information on the economy.

US retail sales remain mixed. August is expected to see another broadly flat outcome."