From Macquarie Bank:
We see two issues with the labour force data which suggest potential for volatility if the current complacency is challenged. The first is sample rotation.
Expectations were primed for shock weakness in the June data, as the super strong October 2015 October cohort rolled out of the survey sample set. There was little fanfare as the sample was replaced with a solid incoming group, and solid gains from continuing sample groups. But there are still two strong samples yet to roll out of the labour force basket, this month and next.
