Data is here from (an embargo breaking release0:

and more detail here:

Just scanning through the report, this a little more on employment. Its important because the RBA confirmed last week they were looking at the labour market to decide on rates.

Via the NAB report:

  • What is the survey signalling for jobs growth? The employment index declined relatively sharply, and is now below average, after previously holding up better than the other activity indicators.
  • At face value, the employment index based on historical relationships suggests ongoing employment growth of 14k per month - barely enough to see the labour market hold onto recent gains

And, a little more:

  • Forward expectations from the NAB Quarterly survey suggest that firms' hiring intentions over the next 3 and 12 months have eased, but for now remain elevated.
  • An update on these measures will be available in July and, in combination with a few more months of labour market data, will provide a good guide to the impact of the slowing in activity to date on the labour market.

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While not in today's report, NAB chief economist Alan Oster is highlighting there is potential for three RBA rate cuts. NAB's current forecast is for two.