1. It’s called a lottery for a reason! Australia’s unemployment rate fell back to 3.7% in February from 4.1% in January. Measured employment rose a ridiculous +116k m/m following a cumulative decline of 46k over the prior two months.
Looking through the noise, the employment-to-population ratio has broadly moved sideways for 18 months.
We warned following the January labour force data of the risk of a sharp bounce-back in measured employment in February.