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Australia’s Unemployment Rate Falls to 6.3% in February

Australia’s Unemployment Rate Falls to 6.3% in February

Mar 14,2015

Australia has hit the headlines yet another time for all good reasons. According to the official data, Australia’s jobless rate cut down in line with prospects in February, getting back to its highest point in 12 years. 

According to the Australian Bureau of Statistics, on an occasionally adjusted grounds number of jobs in Australia has increased by 15,600 to 11.65 million in the month, just prior to expectations. 

In Australia unemployment rate trim down to 6.3%, when compared to 6.4% in January, when a total of 12,200 jobs lost from the economy. Australia’s fulltime jobs increased by 10,300 and part-time jobs was rose to 5,300. 

Following the announcement, the dollar rate has seen an immediate rise to US76.28c, prior to falling back to US76.05c.

According to the survey of 13 economists, it has found that the jobless rate was likely to fell to 6.3% in February, with 15,000 new employment offers which are likely to be added to the country’s economy.

The involvement rate that demonstrates that the amount of populace who have jobs or seeking work or prepared to begin working, reduced by 6.4%, from the amended 64.7 in January. 

Chief economist at CommSec, Craig James said that the unemployment figures were fostering, mainly the rise in the number of working hours.

Apparently, Australia’s population growth, which is yet to be stimulated with a high rate of immigration, thus it is required to generate approximately 20,000 new employments for each month to prevent the rising of unemployment rate. 

In the previous year, the swiftness of jobs augmentation picked up, however, the partaking rate stopped from falling, that means it require to generate more jobs in order to prevent rise of unemployment rate. 

In the month of February, the jobless rate in Australia has drastically reduced. Various states in Australia have also witnessed fall in jobless rate, NSW remained 6.3pc, unchanged from January, Queensland - 6.7% up from 6.5%, Victoria - 6.0% down from 6.6%, South Australia - 6.9% down from 7.2%, Tasmania - 6.6% remain unchanged, Western Australia - 5.8%, up from 5.6%. 

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