Australia: Unemployment rate inches up in February
March 8, 2012
In February, the labour market lost 15,400 jobs over the previous month in seasonally adjusted terms, which contrasted both the 46,200 jobs gained in January (previously reported: +46,300 jobs) and market expectations that 5,000 jobs would be created. The February reading reflected a strong drop in the number of part-time jobs (-15,400) while full-time jobs were virtually unchanged. Meanwhile, the number of total job seekers rose by 16,400 persons in February (January: -14,200). Accordingly, unemployment inched up from 5.1% in January to 5.2% in February, which was in line with market expectations.
Author: Armando Ciccarelli, Head of Data Solutions