Australian employment fell by -52.8k in February, a major downside surprise from the increase of 30k that was expected.

• The unemployment rate, however, remained unchanged at 4.1%, and the number unemployed actually fell -11.2k.
• The participation rate dropped -0.4 ppts to 66.8%, the lowest since June 2024 and below expectations of a tick up to 67.3%.
• Monthly hours worked fell -0.4% MoM but is still up 2.4% YoY.