Market & Economic update - January 2023
File: Economic & Market Update
Duration: 01:51
Date: January 18, 2023
00:01 Economic Review January 2023
00:05 As 2022 drew to a close, investors remained focus on inflation, interest rates and recession worries.
00:12 Inflation is running around at 7% to 11% in most advanced economies, including Australia (7.3%).
00:20 The RBA lifted its target cash rate by another 25 basis points to 3.1% in December, the eighth monthly rise in a row, up from 0.1% in May.
00:27 The ASX200 index declined in December after two months of gains, ending a challenging year showing an overall loss through 2022 of over 7%.
00:30 Despite these losses the ASX 200 fared better in the year to December than the S&P Global Broad Market Index which declined by almost 12%, and the S&P 500 which fell over 19%.
00:50 The Aussie dollar lifted slightly to US68.13c in December, down to 6% for the year.
00:54 Consumer sentiment increased by 3%, from 78.0 in November to 80.3 in December.
01:00 Despite this lift, sentiment remains comparable with the lows seen during the COVID pandemic and the Global Financial Crisis.
01:06 Unemployment remains low, despite edging up to 3.45% in November.
01:11 Annual wages growth was 3.1% in the September quarter, the fastest pace In a decade.
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