Australian Jobless Rate Steady at 5.5 pc

The jobless rate in Australia was unchanged in March compared with the revised forecast in the past month even though full-time positions declined. The Australian Bureau Statistics (ABS) presented that the unemployment percentage in the country was at 5.5 percent based on seasonally adjusted terms last month, showing 5.5 percent in February versus 5.6 percent in January.

Bruce Hockman, ABS chief economist, mentioned that the unemployment was constrained since last year and continued to at 5.5 to 5.7 percent. The economy of Australia created 19,900 full-time roles in the previous month versus 20,100 64,900 expansion in February and 64,900 in January. On one hand, there were additional 24,800 part-time jobs.

The policy meeting minutes of Reserve Bank of Australia this month was issued on Wednesday, showing that the monthly expansion in employment was moderate in the first couple of months this year. The underemployment levels hovered relatively high levels” which was supported by the leading indicators that assume above-average labor growth in the future.