Australia: Labor market continues to beat market expectations in March
Seasonally-adjusted employment increased by 70,700 in Match, following 88,700 jobs gain in February and more than doubling market expectations of a 35,000 increase. March’s result was driven by an increase in part-time employment more than outweighing falling full-time employment.
Meanwhile, the seasonally-adjusted unemployment rate dropped to 5.6% in March, from February’s 5.8%, logging the lowest reading since March 2020. Furthermore, it came below market expectations of a 5.7% unemployment rate and markedly down from the 7.5% peak reached in July 2020. Moreover, the seasonally-adjusted underemployment rate fell to 7.9% from February’s 8.1%. Meanwhile, the participation rate remained increased to 66.3% from the previous month’s 66.1%.