Only Light Pressure On Stronger Than Expected Labour Market Data

Light pressure in the space on the back of much firmer than expected labour market data, with headline job additions surging by over 110K, against expectations for a fall of 35K. This was accompanied by a marginal uptick in the participation rate, which was outweighed by the strong headline print, allowing the unemployment metric to move meaningfully lower, back below 7.0%. Elsewhere, the underemployment rate held steady, while the underutilisation rate dipped from 18.7% to 18.0%. Still, hours worked in Victoria limited the broader national hours worked reading on the back of the lockdown measures implemented in the state. YM -0.5, XM -1.0. • A reminder that the RBA refrained from ACGB when its window opened earlier today.