Australia's economy adds 26,100 new jobs
According to the latest figures published by the Australian Bureau of Statistics (ABS), employment growth and unemployment rates have exceeded expectations in March 2016. Employment saw an increase to 26,100 after seasonal adjustments, beating forecasts of a smaller increase of 20,000.
Over the past month, trend employment increased by 7,700 persons to 11,910,000 persons, which equated to a monthly growth rate of 0.10 per cent. This monthly growth rate was below the monthly average over the past 20 years (0.15 per cent) and down from the rate of 0.25 per cent in September 2015.
The trend monthly hours worked in all jobs series decreased by 1.8 million hours (0.11 per cent) to 1,643.7 million hours.
The trend series smooth the more volatile seasonally adjusted estimates and provide the best measure of the underlying behaviour of the labour market.
The seasonally adjusted number of persons employed increased by 26,100 in March 2016, while the number of persons unemployed decreased by 7,300. The seasonally adjusted unemployment rate for March 2016 was 5.7 per cent (down 0.1 percentage points) and the seasonally adjusted labour force participation rate remained at 64.9 per cent.
MARCH KEY POINTS
TREND ESTIMATES (MONTHLY CHANGE)
- employment increased 7,700 to 11,910,000
- unemployment decreased 2,800 to 729,600
- unemployment rate remained steady at 5.8%
- participation rate remained steady at 65.0%
- monthly hours worked in all jobs decreased 1.8 million hours to 1,643.7 million hours
SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)
Employment increased 26,100 to 11,909,600. Full-time employment decreased 8,800 to 8,180,400 and part-time employment increased 34,900 to 3,729,200.
- unemployment decreased 7,300 to 723,100. The number of unemployed persons looking for full-time work decreased 7,900 to 515,900 and the number of unemployed persons only looking for part-time work decreased 1,800 to 208,400
- unemployment rate decreased 0.1 pts to 5.7%
- participation rate remained steady at 64.9%
- monthly hours worked in all jobs decreased 17.5 million hours to 1,632.3 million hours
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