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Getting a clear read on labour market conditions

The September release of US non-farm payrolls was just the start of a run of strong employment releases in advanced economies this month, reigniting fears about pay growth and inflation. However, when putting a few quirks to one side and judging a range of data in their entirety, it is clear that labour markets are cooling in most DMs. The biggest outlier is Australia, where we don’t expect rate cuts until next year.   

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