Happy RBA wrong again as payrolls locked down?

ABS weekly payrolls are…rolling sharply:

Everywhere but led by NSW:

It’s a blue recession!

These numbers are seasonally adjusted but, let’s face it, it’s what we would expect and it is going to get worse.

Given rolling lockdowns across the entire east coast probably until Summer, the glass-half-full RBA is shaping as wrong again.

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