Australia: Unemployment remains at record high in February, despite strong new jobs creation
March 13, 2014
In February, the labor market created 47,300 new jobs compared to the previous month in seasonally-adjusted terms, which was up from the 18,000 jobs created in January (previously reported: 3,700 jobs lost), which marked the strongest reading since March 2012. The improvement was mainly driven by a strong expansion in full-time positions (80,500 jobs created), which more than offset the drop in part-time positions (15,300 jobs lost). Despite 9,800 people who were actively looking for jobs were unsuccessful in finding a job, the unemployment remained stable at January's 6.0% in February. Unemployment rate now sits at the highest level since July 2003. FocusEconomics panelists expect the unemployment rate to average 5.9% in 2014, which is unchanged from last month's forecast. In 2015, the panel expects the unemployment rate to inch down to 5.8%.