Financial markets have given up much hope of rate cuts in Australia this year, so today's decent labour report won't have caused too much of a stir. Total employment in May rose by 39,700. This was more than the 30,000 expected, and slightly stronger than the 37,400 increase in April. Unlike April's number, all of the employment in May came from full-time jobs. These provide not only better wages but better perks and are, as a result, more positive for consumer sentiment. Earlier in the day, we also got CBA household spending data, which unwound April's weakness and bounced back by 1.0% MoM. The unemployment rate ... (full story)