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%.
Unemployment remains at record high in February, despite strong new jobs creation
March 13, 2014
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Australia Unemployment Chart
Note: Seasonally adjusted unemployment rate in % and new jobs in thousands.
Source: Australian Bureau of Statistics.
Australia Economic News
October 12, 2016
The Westpac-Melbourne Institute Survey of Consumer Sentiment increased 1.1% in October as the index rose from September’s 101.4 to 102.4.
October 11, 2016
The business confidence index published by the National Australia Bank (NAB) was stable in September at August’s 6 points.
October 5, 2016
Nominal retail sales inched up 0.4% in August from the previous month in seasonally-adjusted terms, up from July’s flat reading.
October 4, 2016
At its 4 October monetary policy meeting, the Reserve Bank of Australia (RBA) kept its policy rate steady at an all-time low of 1.50% after cutting its rate by 25 basis points twice this year, once in May and once in August.
September 15, 2016
The labor market lost 3,900 net new jobs in August compared to the previous month in seasonally-adjusted terms.