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Free AccessMNI 5 THINGS. Australian Unemployment Rate At Eight Year Low
By Lachlan Colquhoun
SYDNEY (MNI) - Labour Force data for February was released Thursday, here
are five things of interest in the release by the Australian Bureau of
Statistics.
Surprise Fall.
The market had been expecting an unchanged outcome for unemployment or even a
slight increase, so the 0.1% fall to 4.9% was a surprise. Unemployment is now at
its lowest level since June 2011.
Modest employment increase.
The rise came despite only a modest pick-up in employment, with 4600 jobs
created. The market had been expecting an increase of around 15,000. Key to the
rise was a decline in the Participation Rate, down 0.2 percentage points to
65.6%.
Beating RBA forecasts -- for a change.
The RBA has continued to focus on the Labour Market as a sign of the fundamental
strength of the domestic economy, but today's result was a rare example of data
exceeding Bank forecasts. The RBA had forecast that unemployment would stay at
5.0% for all of this year before falling again in 2020. Today's result is
against the trend of other recent economic data, and undermines calls for a rate
cut in the short term.
Full time employment falls.
The result masked a fall of 7300 in full time employment, with part time
employment up by 11,900. Despite today's fall, the economy has added 210,000
full time jobs in the past year.
Uneven pattern across the states.
The largest states of Victoria and New South Wales have seen strong employment
growth, but unemployment increased in both states in February. In Victoria,
unemployment increased from 4.6% in January to 4.8% in February, while in NSW it
increased from 3.9% to 4.3%. Tasmania, where unemployment rose to 7.0% in
January, saw a fall to 6.5%. The jump was even bigger in Western Australia,
where the rate fell 1.0% to 5.9%.
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MALDS$,MAUDR$,MAUDS$,M$A$$$,M$L$$$,M$U$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.