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Australia saw stronger than expected employment with part time jobs growth leading the way in March and Unemployment down to 5.6%. Positives included the record high participation rate at 66.3% and underemployment lowest in 7 years at 7.9%.

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Australia's seasonally adjusted unemployment rate fell to 5.6% in March 2021 from 5.8% a month earlier and below market consensus of 5.7%. This was the lowest jobless rate since March 2020, just before the economy was crushed by COVID-19.

The number of unemployed fell 27,100 to 778,100 people, as people looking for full-time work declined by 32,600 to 544,100 and those looking for only part-time work was down by 5,500 to 234,000.

Employment grew by 70,700 to a record high of 13,077,600, easily beating market estimates of an increase of 35,000, as part-time employment gained 91,500 to 4,203,400, while full-time employment fell by 20,800 to 8,874,200.

The participation rate unexpectedly rose 0.2 points to a record peak of 66.3% and beating forecasts of 66.1%.

The underemployment rate dropped 0.6 points to 7.9%, and the underutilization rate fell 0.8 points to 13.5%. Monthly hours worked in all jobs increased 38 million hours, or 2.2% to 1,800 million hours. 

Australia Labour Market Report For March 2021

Highlights

Employment Change: +70.7K v expected 35K, prior 88.7K

Australia Employment Change

Unemployment Rate: 5.6% v expected 5.7%, prior 5.8%

Lowest in a year

Australia Unemployment Rate

Full-Time Employment Change: -20.8K v prior 89.1K

Australia Full Time Employment Change

Part-Time Employment Change: +91.5K v prior -0.5K

Australia Part Time Employment Change

Participation Rate: 66.3%, higher participation ever to a record high), prior 66.1%

Australia Labor Force Participation Rate

  • Underemployment fell to 7.9% v prior 8.5%, lowest in nearly 7 years
  • Monthly hours worked increased by 38 million hours
  • Employment-to-population ratio increased by 0.3 pts to 62.6%, and rose by 0.1 pts compared to same time last year

Source: ABS, Trading Economics

The TradersCommunity News Desk

From a Sunburnt Country

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