Australia: Unemployment rate falls in February
March 17, 2016
In February, the labor market gained 300 jobs compared to the previous month, in seasonally-adjusted terms. The increase was a drastic improvement over January’s 7,400 jobs lost. Although it was a sizable improvement from January’s figure, the number of new positions undershot market expectations by a striking 9,700 jobs. February’s result was driven by an increase in the number of full-time jobs, and a decrease in the number of part-time jobs. The number of part-time positions fell by 15,600 jobs (January: 32,900 jobs), while the number of full-time positions grew by 15,900 jobs (January: -40,300 jobs).
The labor market participation rate fell from 65.1% in January to 64.9% in February. The unemployment rate inched down from 6.0% in January to 5.8% in February.
Author: Robert Hill, Economist