Australia: Unemployment rate inches down in March
April 13, 2016
In March, the labor market gained 26,100 jobs compared to the previous month, in seasonally-adjusted terms. The increase was a drastic improvement over February’s revised 700 jobs lost (previously reported: -300 jobs month-on-month). The number of new positions overshot market expectations by 6,100 jobs. March’s result was driven by an increase in the number of part-time jobs, offsetting a decrease in the number of full-time jobs. The number of part-time positions grew by 34,900 jobs (February: -14,700 jobs), while the number of full-time positions fell by 8,800 jobs (February: +13,900 jobs).
The labor market participation rate was steady in March at February’s 64.9%. The unemployment rate inched down from 5.8% in February to 5.7% in March.
Author: Robert Hill, Economist