Australian unemployment rate plunges to 3.7 per cent
Number of employed people grew by 116,500 between January and February, marking the largest monthly increase on record outside of the Covid-19 pandemic period.
CANBERRA - A record surge in jobs has driven a fall in Australia's unemployment rate.
Official figures published by the Australian Bureau of Statistics (ABS) on Thursday revealed the unemployment rate was 3.7 per cent in February, down from 4.1 per cent in January and a five-month low.
State media Australian Broadcasting Corporation (ABC) reported that economists were expecting the number of employed Australians to increase between 40,000 by January and February and an unemployment rate of 4 per cent.
However, the ABS said the number of employed people grew by 116,500 between January and February, marking the largest monthly increase on record outside of the Covid-19 pandemic period, according to the ABC.
Two thirds of the jobs added between January and February were full-time roles.
The total number of hours worked by Australians increased by 2.8 per cent in February, ending a period of declining hours worked stretching back to July 2023.
Treasurer Jim Chalmers hailed the figures as a remarkable result.
"Despite everything that's coming at us from around the world, inflation is moderating and our labor market remains one of our greatest strengths with unemployment remaining below its pre-pandemic average and participation at near record highs," he said in Parliament.
"We expect the labor market to soften over the period ahead but today's result shows that our economic plan -- to help Australians earn more and keep more of what they earn -- is making a meaningful difference."
The participation rate, which measures the proportion of the working-age population who are either employed or actively looking for work, hit 66.7 percent in February. The all-time high was set in November at 67 per cent. - XINHUA
