There’s a little problem in the jobs boom

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It is this. The jobs growth is all in NSW and VIC:

With all other states falling away fast:

Bulls will see this as good with jobs preventing an unruly house price crash. But NSW and VIC are the epi-centre of the house price shakeout and it will be in both states that the downdraft in the labour market will hit hardest in the months ahead as consumption and dwelling construction weaken while infrastructure plateaus.

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And there will be no offset elsewhere.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.