The Australian bond market is weaker after markets welcomed positive US private sector jobs figures and a steady as she goes statement from the US Federal Reserve.

US private payrolls data showed that employment growth rose by 241,000 in December after a 227,000 gain in November, a good sign the American labour market is improving.

The minutes of the US Federal Reserve’s December policy meeting showed the central bank is maintaining a patient stance on the timing of its next interest rate rise, which most observers expect will be in the middle of this year.

St George chief economist Besa Deda said bond prices fell and share markets rose as market optimism returned.

“US share markets rebounded on Wednesday from five straight sessions of losses after strong private sector jobs data and as the minutes from the most recent Federal Reserve meeting reassured investors the bank was in no hurry to start raising interest rates,” she said.

“The Fed statement also indicated that the timing of the first rate rise will depend on new data.”

The next key event for markets will be the release of weekly initial jobless claims data from the US.

At 1630 AEDT on Thursday, the March 2015 10-year bond futures contract was trading at 97.310 (implying a yield of 2.690 per cent), down from 97.365 (2.635 per cent) on Wednesday.

The March 2015 three-year bond futures contract was at 97.870 (2.130 per cent), down from 97.930 (2.070 per cent).