Perpetual: The Australian labour market data was disappointing, but it is now sitting out there by itself as an indicator that suggests the Australian economy...

Perpetual: The Australian labour market data was disappointing, but it is now sitting out there by itself as an indicator that suggests the Australian economy is softening. Other more timely measures are all universally indicative of an economy which is gaining momentum and the Australian currency's rally overnight off its daily lows, suggests that speculators who were initially wrong-footed, are coming to the same view. Given the domestic reporting season has been quite solid and markets are firming, investors need to determine where earnings results can surprise on the upside and if RBA rate cuts are starting to gain traction as the data suggests, then housing won't be the only sector to respond, indeed the outlook for consumer spending is likely to rise as new housing purchases prompt borrowers to go through a process of capital deepening, which should support activity and earnings.