FWIW:Employment is showing signs of weakness. E.g. Telstra...

FWIW:

Employment is showing signs of weakness. E.g. Telstra announced today it would axe 10,000 contractors over the next two years. The cut is on top of the 8,000 job cuts to Telstra's permanent staff. In April, there were reports that CBA planned to cut more than 10,000 staff. People falling into these categories possibly migrate onto freelancing marketplaces.

The employment weakness has been acknowledged by the RBA in 'today's decision to lower the cash rate [which] will help make further inroads into the spare capacity in the economy. It will assist with faster progress in reducing unemployment...'. In the US, commentators are talking up a rate cut too. From the FT: Rate cut may be 'warranted soon', says US Fed's Bullard.

DYOR