Weak jobs report...
After all the hype and expectation the ABS released its Labour Force data for September today which showed the unemployment rate at a seasonally adjusted 6.1 percent.
Total employment decreased on a seasonally adjusted basis by 29,700 to 11,592,000 (click charts to expand).
Straight away it becomes clear why the ABS had to re-set its seasonal adjustments.
Had they not done so, today's reading would have more than completely reversed last month's smashing 121,000 gain to record an all-timers record of a 172,000 decrease in total employment.
The credibility of the survey has been a tad shredded, with the ABS commentary showing that no cause or explanation has been identified for the wild volatility, and the Bureau isn't even really sure what it will do about it going forward.
You could drive yourself mad looking at the fine detail of the data, but the 5 year chart suggests that jobs growth remains relatively weak.
The long run unemployment rate, with the odd blip, is still trending steadily up.
One point of note for those interested in the property market is the shifting role of gender in the Australian workforce.
Why is this important? Because of the dramatic increase in the number of dual income households which has driven dwelling prices higher.
As a percentage of the total employed in the labour force, female employees are now tracking at a shade above 46 percent, the highest level we have seen in Australia (up from 35.3 percent in 1978).
As for what today's data means for markets, shares have bounced off a 9 month low today, which the immediate outlook looking uncertain.
What today's figures certainly suggest is that the idea that interest rates are heading higher any time soon remains fanciful.
With standard variable mortgage rates available from ever lower levels dwelling prices are set to continue rising until such time that the regulators feel the need to intervene.
The forthcoming housing and lending finance data will determine what brand of intervention is required (if any) and when, but APRA and the Reserve Bank will likely be hoping that investor lending cools of its own accord.