The headline Aus employment numbers look great, as most measures of un or under utilisation / employment decline further.
And although the participation rate moderated somewhat, it is still at cyclical and structural highs, and looks vastly better than say the US data, which appears impaired by comparison.
However the monthly change does suggest some moderation to the data (top right graph) and we should expect, if higher rates wring inflation out of the system via their usual mechanism, to see job losses rise.
I’m something of a broken record on this, but the discretionary retailers all put out great-looking quarterlies, and trading updates, that are plainly cycling pandemic closures, into demonstrably weaker retail sales data, higher rates, and this marginal -ve employment print.
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