Jobs corker puts paid to rate cuts

Today's surprise unemployment lift should be enough to lock in the 'interest rates on hold' message for a few more months, at least. But it's still too early to ponder any hikes.

An absolute corker of a labour force release. Employment was up 71,500 in February with full-time employment rising 17,800 and part-time employment rising 53,700. The participation rate rose to 65.3 per cent, while the unemployment rate remained steady at 5.4 per cent, more or less where it has been since September 2012. Over the past year, employment has risen by 197,400.

The strength of the labour market should be enough to lock in the “interest rates on hold message” for a few more months, at least.

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