Via UBS:
Aug jobs boom 54k, surging 2.7% y/y (best since 2015), driven by full-time Employment boomed in Aug-17, up a far stronger than expected 54k m/m (UBS: +10k, mkt: +20k), the most since Mar-17, after +29k in Jul-17 (was +28k). The y/y jumped to 2.7%, the best since 2015, albeit ~consistent with stronger lead indicators. Across the major States, y/y jobs is now strongest in QLD (4.1%) & then Victoria (3.1%), with a further recovery in WA (2.5%) & NSW (1.9%). Overall, the details were stronger m/m. Full-time rebounded after retracing (+40k after -20k), lifting to 3.1% y/y, the best since 2011; & part-time also gained (+14k after +49k), picking up to 2.0% y/y. Hence, hours worked bounced (0.4% m/m, 2.6% y/y), but with Q3 quarter to date still up only 0.3% q/q (and after a 1.3% q/q jump in Q2 did not translate to income in the GDP data).
Unemployment rate held as 5.6% as expected, to now be on a ~flat trend Despite much stronger jobs growth, the unemployment rate held at 5.6% as expected for a 3rd month (UBS & mkt: 5.6%) – to be on a ~steady trend – given the participation rate lifted again to 65.3%, the equal highest since 2011 (after 65.1% in Jul-17).