The reason the market is focused on employment market data is the RBA is targeting a lower unemployment rate.
For that they’ll need to see continued strong jobs growth.
And, forward indicators are not showing much promise.
Further data out today in Australia, ‘skilled vacancies’ for june June 2019:
- Down 0.6% m/m (prior -1.1%, revised down from -0.7%)
- and for the y/y, down 6.7%
AUD continues its (admittedly gentle) slide: