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Australia Unemployment February 2021

Australia: Unemployment rate falls strongly beating market expectations

Seasonally-adjusted employment increased by 88,700 in February, following revised 29,500 jobs gain in January (previously reported: +29,100) and easily beating market expectations of a 30,000 increase. February’s result was driven by an increase in full-time employment more than outweighing falling part-time employment.

Meanwhile, the seasonally-adjusted unemployment rate plunged to 5.8% in February, from January’s 6.3%, marking the lowest reading since March 2020. Moreover, it came well below market forecasts of 6.3% and was markedly down from the 7.5% peak reached in July 2020. Meanwhile, the seasonally-adjusted underemployment rate rose to 8.5% from January’s 8.1%. Meanwhile, the participation rate remained stable at January’s 66.1%.

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