Employment holding up
Roy Morgan reported that employment growth was still surprisingly strong over the year to September 2019 (+470,000), and mainly driven by full-time jobs.
This could be another indicator of an upside surprise for this week's ABS employment print (alongside the impact of sample rotation)?
However, Roy Morgan too has found that the size of the labour force is expanding very rapidly.
While unemployment as measured by Roy Morgan has improved to 8.7 per cent, there are still more than 2 million Aussies seeking work or more work, and this dynamic has now persisted for four consecutive years (inflation has been under target throughout that period too).
