MNI DATA IMPACT: Australia March Unemployment Misses Virus Hit

By Lachlan Colquhoun

     SYDNEY (MNI) - Australia's unemployment rate rose to a seasonally adjusted

5.2% in March, up slightly from 5.1% in February. The full impact from the

coronavirus is yet to hit the data, with the Australian Bureau of Statistics

noting the survey cut off point was March 14, before the majority of disruptions

occurred.

     The key points in the release include:

     -The ABS surveyed businesses up until March 14, just before the Government

announced social distancing regulations which have seen many businesses close

their doors.

     -Employment increased by 5900 in the March survey period, driven by a 6400

increase in part time work. Full time employment fell by 400. The participation

rate was steady at 66.0%

     -Unemployment rose by 20,300 to 718,600.

     -Analysis released by the Australian Treasury this week forecast that

unemployment would reach 10% in the June quarter. This would be the highest

since 1994. Treasury estimates that unemployment will increase from 700,000

people in February to 1.37 million by June.

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

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