Australia’s unemployment rate has fallen sharply as the economy created 116,000 new jobs in February, according to the Australian Bureau of Statistics (ABS). This led to a sharp fall in the unemployment rate from 4.1% to 3.7%.
ABS Chief Statistician Bjorn Jarvis said: “With employment up by around 116,000 and the number of unemployed down by 52,000, the unemployment rate has fallen to 3.7%”. This fall puts the unemployment rate at a similar level to 6 months ago.
The significant increase in employment reflects a positive trend in the economy and is an encouraging sign of a recovery in the labour market.
Further details are expected to be released shortly.
