Australian Unemployment Rate Falls to 3.5% in February

The Australian Bureau of Statistics (ABS) has reported that the seasonally adjusted unemployment rate in Australia dropped to 3.5% in February. Employment increased by around 65,000 people, while the number of unemployed decreased by 17,000 people. The rise in employment in February was preceded by declines in December and January, which were due to a higher-than-normal number of individuals who were waiting to begin new jobs. Most of these individuals returned to work or started new jobs in February.

Source: Australian Bureau of Statistics

The employment to population ratio increased 0.2 percentage points to 64.3% in February, back to the level in December 2022. The participation rate rose 0.1 percentage point to 66.6% in February, also back to the level in December 2022. The seasonally adjusted underemployment rate fell 0.3 percentage points to 5.8%, while the underutilisation rate, which combines the unemployment and underemployment rates, fell 0.5 percentage points to 9.4%. The trend employment increased by 20,000 people (0.1%) in February 2023.

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