Latest jobs data figures unlikely to lift negative mood

Investors will be looking for some good news when the latest jobs figures are released given the worrying problems in Greece and China.

But they are likely to be disappointed.

Economists expect the jobless rate to tick up to 6.1 percent when June labour force data are released today after the unexpected drop to six percent the previous month.

They are also predicting a small fall in the number of people employed during the month compared with May, when there was a substantial increase of 42,000.

A weak result could add further pressure to the Australian dollar, which tumbled to a six-year low in the face of the economic problems in Europe and sliding Chinese share markets.

Not that that would worry Reserve Bank governor Glenn Stevens, who wants to see an even weaker currency to reflect a renewed tumble in commodity prices.

However, renewed and sustained weakness in the labour market in coming months would risk a further cut in the cash rate, already at a record low of two per cent.