Today’s release of the – Labour Force data – for February 2014 by the Australian Bureau of Statistics can be taken in one of two ways. Either the strong full-time employment growth and rising participation rate is a turning point and the economy is improving or the ABS will revise the data downwards and things won’t look so rosy next month. That is the problem of data that exhibits (at times) big monthly shifts that are not reliable. But let’s hope it is the data shift is signalling better times to come. Full-time employment jumped (suspiciously) by 80,500 thousand, the largest monthly change since August 1991 and in the months that followed things fell apart quickly. The participation rate rose by 0.2 points this month, which meant the employment growth was unable to prevent unemployment from rising. The unemployment rate rose (on rounded figures) to 6 per cent from 5.9 per cent and is 50 per cent above the previous low in February 2008. A month’s employment growth is a good thing but there is no cause for celebration. Monthly hours worked fell in February and taken together with the growth in full-time employment and the plunge in part-time employment, one could easily suspect that the high-end hours part-time jobs have been converted into full-time jobs (which is a good thing) but overall the labour force worked less. It remains that employment growth has been around zero for nearly two years and there is an upward bias in unemployment.