Members opened their discussion with the observation that, on balance, the data for the global economy had been a bit more positive of late and broadly consistent with growth of Australia's major trading partners remaining around its long-term average. While the US economy continued to grow at a moderate pace, the latest payrolls data showed that employment growth had slowed a little in recent months. Members noted that the weakness in the labour market had been associated with softer consumption, and there were signs that the fiscal consolidation was weighing on economic activity. There was some evidence that the ... (full story)