1. Canada and the US released February labour market data on Friday. Employment-to-population ratios have edged lower across several economies…
2. …and unemployment rates have risen to varying degrees. The euro area is a notable exception.
3. Most regions/countries have now published Q4 GDP - NZ being a key exception. On a per capita basis, growth in the US economy since 2017 has been a standout. Australia and New Zealand are only on par with the euro area, but have been much stronger than the UK and Canadian economies.
4. Looking at real consumption per capita also shows that the US has been almost on its own, with only the kiwi consumer looking as robust (until more recently). Throw a blanket over the rest…
5. Residential rental vacancy rates in Australia’s capital cities remained at varying degrees of very low in February.
6. Growth in residential asking rents also remains strong in Australia.
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