At 3.5% the unemployment rate remains near its lowest since the mid-1970s
Australia’s jobless rate held steady last month, with employers adding more than 72,000 full-time positions in the latest sign of resilience in theThe country’s unemployment rate for March was 3.5%, seasonally adjusted, the Australian Bureau of Statistics said on Thursday. Taking into account the drop of part-time roles of just over 19,200, the net jobs gain last month was 53,000.
Economists had forecast the jobless rate would edge higher to 3.6% from 3.5% in February, with employers adding a net 20,000 jobs for the month. “In line with the increase in employment, the employment-to-population ratio increased 0.1 percentage point to 64.4%, with the participation rate remaining at 66.7%,” Lauren Ford, ABS head of labour statistics said. “Both indicators were close to their historical highs in November 2022, reflecting a tight labour market and explaining why employers are finding it hard to fill the high number of job vacancies.
Australian labour market has been relatively robust amid the record run of 10 consecutive interest rate rises by the Reserve Bank. That series ended earlier this month, with investors predicting the central bank will pause again when the central bank’s board meets next on 2 May. At current levels, the unemployment rate remains near its lowest since the mid-1970s. The International Monetary Fund
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