Australia: Unemployment rate unexpectedly falls in February
Seasonally-adjusted employment rose by 26,700 in February, following a revised 12,900 job addition in January (previously reported: +13,500). February’s result easily beat market expectations of a 10,000 jobs addition and was driven by an expansion in both full-time and part-time employment.
Moreover, seasonally-adjusted unemployment fell to 5.1% in February, from January’s 5.3%. Meanwhile, the seasonally-adjusted underemployment rate remained steady at January’s 8.6% in February, while the seasonally-adjusted participation rate dipped 0.1 percentage points to 66.0% in the second month of 2020.