Well, firstly, it just confirms yet again that the ABS month-on-month figures are all over the shop.
Of the 164,000 jobs added by the economy in the past year, more than 107,000 of them were in NSW.
And we can probably shelve any further interest rate cut next month absent any meltdowns in other data. Market prices in only a 21% chance of a cut, so likely to be on hold at 2.75% (39% before the release).
Caveat: if the Q1 capital expenditure report is very weak on 30 May then that could be a game-changer and rates could be lowered again. Remember, forecasts predict that total capital expenditure - and particularly mining capital expenditure (below) - will begin to fall in 2013/14.