From Bloxo today it’s unsurprisingly all rebalancing and rate hikes:
The Australian unemployment rate fell to 5.8% in March (market had 6.1%) to be at its lowest level since November last year. Employment rose by a solid +18k jobs in the month (market had +2k jobs) and the participation rate declined to 64.7%. The main message from these data is that the labour market is stabilising and the unemployment rate may now have passed its peak. With growth rebalancing and domestic demand lifting, firms are boosting their hiring, albeit with a (typical) lag behind the lift in activity. We continue to expect that the RBA’s next move is likely to be up and that it may arrive before the end of the year.
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