## Four cash rate cuts from February: ASX data **The Australian share market has fallen today after data showed the economy lost 8,900 jobs in February.** The Australian Bureau of Statistics (ABS) released its latest labour force figures this morning, which showed the unemployment rate rose from 5.3 per cent to 5.4 per cent in February. The data also showed that the number of people employed fell by 8,900 in February, to 12.9 million. **The fall in the share market was led by the financial sector, which lost 1.2 per cent.** The big four banks all fell, with Commonwealth Bank of Australia (CBA) losing 1.3 per cent, Westpac Banking Corporation (WBC) losing 1.2 per cent, National Australia Bank (NAB) losing 1.1 per cent and Australia and New Zealand Banking Group (ANZ) losing 1.0 per cent. **The fall in the share market comes after the Reserve Bank of Australia (RBA) cut the cash rate to a record low of 0.25 per cent on Tuesday.** The RBA has now cut the cash rate four times since February, in an effort to stimulate the economy. **The RBA's decision to cut the cash rate has been welcomed by the Australian government.** Treasurer Josh Frydenberg said the rate cut was "a welcome boost to the economy". **However, some economists have warned that the RBA's rate cuts could lead to inflation.** **Sources:** * [ABS labour force figures](https://www.abs.gov.au/statistics/labour/australia's-labour-force-australia-february-2020) * [RBA cuts cash rate to record low](https://www.rba.gov.au/media-releases/2020/mr-20-03.html) * [Treasurer welcomes RBA rate cut](https://ministers.treasury.gov.au/ministers/frydenberg/media-releases/treasurer-welcomes-rba-rate-cut) * [Economists warn of inflation risk](https://www.afr.com/markets/equity-markets/economists-warn-of-inflation-risk-as-rba-cuts-again-20200303-p5454z)
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