In another solid development in the Australian job market, the jobs report for February has shown that the change in employment in the country was +88,700 new jobs, almost tripling the 30,000 expected. The unemployment rate fell to 5.8%, much better than the 6.3% expected and down from the July peak of 7.5%.
Jobs report details:
- Job change: + 88,700 compared to the + 30,000 expected and the + 29,100 of the previous month.
- Unemployment rate: 5.8% compared to the 6.3% expected and from the previous 6.4%.
- Change in full-time employment: + 89,100 compared to + 59,000 the previous month.
- Change in part-time employment: – 500 compared to -29,800 the previous month.
- Participation rate: 66.1% versus 66.1% expected and prior.
“The labor market has had a strong V-shaped recoverymuch stronger than anticipated, “Westpac analysts explain.
“However, state data reveals the impact of more lockdowns and reopens, with employment rising in Victoria while stagnating in New South Wales.”
“Additionally, the recovery has been dominated by part-time male employment.”
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