Australia Unemployment


Unemployment remains at record high in February, despite strong new jobs creation

In February, the labor market created 47,300 new jobs compared to the previous month in seasonally-adjusted terms, which was up from the 18,000 jobs created in January (previously reported: 3,700 jobs lost), which marked the strongest reading since March 2012. The improvement was mainly driven by a strong expansion in full-time positions (80,500 jobs created), which more than offset the drop in part-time positions (15,300 jobs lost). Despite 9,800 people who were actively looking for jobs were unsuccessful in finding a job, the unemployment remained stable at January's 6.0% in February. Unemployment rate now sits at the highest level since July 2003. FocusEconomics panelists expect the unemployment rate to average 5.9% in 2014, which is unchanged from last month's forecast. In 2015, the panel expects the unemployment rate to inch down to 5.8%.


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Australia Unemployment Chart

Australia Unemployment February 2014

Note: Seasonally adjusted unemployment rate in % and new jobs in thousands.
Source: Australian Bureau of Statistics.

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