Over the past year or so we’ve had more or less steady gains in employment.

Prior to this, the employment gains were more volatile. I took to looking at the unemployment rate instead, which was on a falling trend (its since turned higher, but not by too much).

So, while the jobs loss data was ugly today, down more than 50K jobs (vs. +30K expected!) the jobless rate is unchanged from January. Yes, the rate of labour force participation dropped, helping to account for this disparity, so I reckon this is still an ugly report.

At the margin it’ll hasten thoughts of Reserve Bank of Australia rate cuts to come (I’d be reluctant to hold my breath for this though, after all its just one number).

AUD/USD market lower: