Western Australia has recorded a fall in its unemployment rate, putting it well ahead of all other states, but otherwise the labour force data out today signalled the national economy is losing momentum.
The national unemployment rate stayed at 5.0 per cent in February, according to the seasonally adjusted estimates released by the Australian Bureau of Statistics.
However, the number of people with jobs fell by 10,100, or 0.1 per cent, leaving a net loss of employment of 2,200 since the 54,200 surge reported for November.
In WA, the unemployment rate fell to 4.2 per cent, despite the state also losing 10,600 jobs.
CommSec chief economist Craig James said the data added to a picture of an economy getting weaker.
"Jobs are now falling, adding to data showing stagnant retail spending, weak housing market and contracting activity in manufacturing, services and construction sectors," he said in a reseach note.
"The Reserve Bank had warned that the job market would slow, and clearly it got that one right."
Mr James cautioned that the figures should not be taken too literally.
"It is hard to believe that full-time jobs would soar almost 48,000 just as part-time jobs were falling by almost 58,000.The volatility over the last few months means that trend estimates are probably more accurate and these show a slowdown in job creation.
"Again it's hard to believe that Western Australian jobs would fall at the same time the unemployment rate was easing. Or that unemployment in Tasmania could fall from 6.4 per cent to 5.6 per cent in the space of a month."
Mr James concluded "it is unlikely that the Reserve Bank will be pursuing further interest rate rises anytime soon".
"While CommSec had expected the next rate hike to take place in May, there is clearly an array of risks to our call. And if activity levels remain subdued over the next couple of months it is possible the anticipated May rate hike could be pushed out by a number of months."
