Australia Jobless Rate Edges Up to 5.6% in February

Australia's seasonally adjusted unemployment rate rose slightly to 5.6 percent in February of 2018 from 5.5 percent in the preceding month and above market consensus of 5.5 percent. The economy added 17,500 jobs while the number of unemployed increased by 8,900.

In February, the number of unemployed went up by 8,900  to 734,100, as those looking for full-time work increased by 13,600 to 512,900 and those looking for only part-time work fell by 4,700 to 221,200.

Employment increased by 17,500 to 12,480,500, below estimates of an increase of 20,000. It marked the 17th straight month of gains in employment, the longest such streak since the monthly series began in 1978. Full-time employment surged by 64,900 to 8,533,600 while part-time employment declined by 47,400 to 3.946,900. 

The labour force participation rate inched up to 65.7 percent from 65.6 percent in a month earlier and slightly above expectations of 65.6 percent. It was the highest level since early 2011.

Seasonally adjusted monthly hours worked in all jobs increased by 21.2 million hours (1.2 percent) to 1,734.1 million hours. Meantime, the seasonally adjusted employment to population ratio remained steady at 62.0 percent.

 Australia Jobless Rate Edges Up to 5.6% in February

ABS l Rida Husna |
3/22/2018 1:50:38 AM