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Australia Unemployment February 2024

Australia: Unemployment rate plunges in February

Seasonally-adjusted employment rose by 116,500 in February, following 15,200 jobs added in January and smashing market expectations of a considerably softer rise. February’s result was driven by an increase in both full-time and part-time employment, with the former accounting for the lion’s share of the improvement.

The seasonally-adjusted unemployment rate fell to 3.7% in February from 4.1% in January. Moreover, the seasonally-adjusted underemployment fell to 6.6% from January’s 6.7%, while the participation rate rose to 66.7% from January’s 66.6%.

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