Despite the unemployment rate holding steady at 4.1 per cent, the latest Australian Bureau of Statistics (ABS) data revealed a sharp rise in employment, with 32,000 people entering the workforce, and only 3,000 leaving.
This is compared to 53,000 people leaving work last month. Economists had expected 40,000 new jobs to be added, with the unemployment rate edging up to 4.2 per cent.
Employment has grown by 308,000 people, or 2.2 per cent, over the last 12 months. This annual growth rate is slightly higher than the 20-year pre-pandemic average of 2.0 per cent.
Sean Crick, ABS head of labour statistics, said: “With employment increasing by 32,000 people and the number of unemployed increasing by 3,000 people, the unemployment rate rose slightly to 4.1 per cent for March.
“The employment-to-population ratio remained at 64.1 per cent in March, while the participation rate increased slightly to 66.8 per cent.”
The trend unemployment rate remained at 4.0 per cent in March. It has been within a relatively narrow range of 3.9 and 4.1 per cent for the past 16 months.
More to come.
