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1. A soft Aussie labour market report overall for August.
Measured employment in Australia fell 5.4k m/m, resulting in a 0.13ppt decline in the employment-to-population ratio to 64.0%. The participation rate also declined 0.13ppts to 66.85%.
The unemployment rate was unchanged 4.24% in August but has risen by ~¼ppt this year.
Looking through the noise, labour market conditions have softened this year. The unemployment rate has drifted higher and both the employment-to-population ratio and participation rate have fallen.
2. The unemployment rate is tracking in line with the RBA’s August SMP forecast, which remember assumes further modest easing in monetary policy.
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