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Australia Unemployment March 2024

Australia: Unemployment rate ticks up in March

Seasonally-adjusted employment fell by 6,600 in March, following 117,600 jobs added in February. March’s result was driven by a decline in part-time employment more than offsetting rising full-time employment.

The seasonally-adjusted unemployment rate rose to 3.8% in March from 3.7% in February. Moreover, the participation rate fell to 66.6% from February’s 66.7%. However, the seasonally-adjusted underemployment fell to 6.5% from February’s 6.6%.

Commenting on the implications for the monetary policy stance, UOB’s Lee Sue Ann stated:

“Today’s job numbers reinforce our view of the RBA remaining on hold in Q2 2024, as it watches closely how the labour market, wages and inflation evolve. Focus will now turn to the Q1 2024 set of CPI numbers due on 24 April, ahead of the next monetary policy meeting on 7 May, which will include updated forecasts for growth, inflation and the labour market.”

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