Summary: Total employment drops by 146,300 in August, fall larger than expected; more of labour market adjustment to lockdowns occurs via reduction in hours rather than jobs; participation rate falls by 0.8ppt to 65.2%; fewer jobseekers outweighs smaller available workforce, sends jobless rate to 4.5%; fewer part-time, full-time jobs; aggregate work hours falls 3.7%; does not derail ANZ’s view labour market is more resilient this time around; underemployment rate up...