The unemployment rate in Australia dropped last April after more than 50,000 people found new jobs in one month alone. The increased number of jobs is different from the predicted twelve thousand figures.
This improvement resulted to half a cent rose of the Aussie dollar against the U.S. dollar immediately after the information was released by Australia’s Bureau of Statistics.
The most recent data revealed a significant increase in the total number of people finding full time employment. This is a good sign for Australia’s labor market and economy.
Hans Kunnen, an economist in St. George Bank stated that the data in labor force is surprising, but it gives a positive pulse in Australia’s economy.
Employment Rate In Australia Hits Decade High Last February
Last February, Australia added 71,500 new jobs. The said figure is the biggest increase on a monthly basis, for more than a decade. This progress had increased the part time employment from 53,700 to 3,510,800, while full time employment rose from 17,800 to 8,117,400.
Brian Redican, an economist in Macquarie stated that the increase in employment rate is “spectacular’’. He further stated that employment growth could make the policy makers more comfortable with the existing settings of the policy.
Analysts and economists believe that this is a good indication that the economy of Australia is improving, because more people are enticed to look for jobs.