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Monday, 12 November 2018

Employment up +427,000

Employment growth solid

Roy Morgan's survey estimated that Australian employment soared +427,000 higher over the year to October, or a very strong +3.6 per cent, albeit with a substantial contribution from part-time jobs.  

There are a couple of very important data points due out on Wednesday and Thursday this week from the ABS, being the wage price index and the closely-watched labour force survey. 

The market median forecast sees wages growth moving beyond the nadir to post +0.6 per cent growth for the quarter in Q3 and +2.3 per cent for the year.

The seasonally unemployment rate suddenly dropped to 5 per cent last month, so it will be interesting to see whether that can hold. 

ING thinks it can go even further - down to 4.9 per cent on lower participation - but let's see on Thursday.