Australia Unemployment Rate

Australia's seasonally adjusted unemployment rate fell to 3.7% in February 2024, the lowest since last September, from 4.1% in January. Figures were less than market forecasts of 4.0% as the number of unemployed individuals dropped by 52 thousand to 548.3 thousand, with those seeking full-time jobs falling by 47.8 thousand to 351.5 thousand and those looking for part-time jobs retreating by 4.3 thousand to 196.7 thousand. Meanwhile, employment surged 116.5 thousand to a record 14.27 million, easily topping consensus of a 40 thousand gain. Full-time employment climbed 78.2 thousand to 9.82 million, and part-time employment added 38.3 thousand to 4.44 million. The participation rate was at 66.7%, down slightly from a downwardly revised 66.6% in January, compared with expectations of 66.8%. The underemployment rate inched down to 6.6%, which was 2.2 points lower than that in March 2020. Additionally, monthly hours in all jobs rose by 53 million, or 2.8%, to 1,933 million.