Not least because they point backwards while leading indicators are in the toilet. More from Damein Boey at CS:
The unemployment rate remained steady at 5%.
Overall, a very strong jobs number. But cold comfort for the RBA, given that employment is a lagging indicator, and the weight of evidence is pointing to a very sharp slowdown in domestic demand. We note that the CBA composite PMI has plunged below the break-even 50 level in February, consistent with the stagnation signal from our proprietary activity tracker.
