The notoriously volatile labour force series reported a 47.3K bounce in employment over February. The outcome was wellabove market expectations of a 15K rise (CBA (f): 6K). In our view, the February spike in employment is a “statisticalreversal” of previously reported weak numbers given the limitations of a survey-based data measure. On a three-monthaverage basis, jobs growth is around 14K. Population growth means that you need around 18K jobs to be created everymonth to keep the unemployment rate from rising. So the risk remains with a rising unemployment rate, especially whileeconomic growth remains below-trend.
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