Jobs market ‘a disaster’ in February

Unemployment rose to its highest level in more than a year

Australia’s unemployment rate rose to 5.9 per cent in February, official figures show, widely missing expectations of a flat rate of 5.7 per cent.

The total number of people with jobs fell by 6,400 in the month, the Australian Bureau of Statistics said on Thursday, with the market forecasting a rise of 15,000.

Full-time employment rose by 27,100 jobs, while the number of part-time jobs was down by 33,500.

The participation rate, which refers to the number of people either employed or actively looking for work, was flat at 64.6 per cent.

On a state-by-state basis, Victoria led the way in adding 10,600 jobs, while the resource-rich states of Western Australia and Queensland trailed in giving up 5500 and 11,500 jobs, respectively.

The three names above were also the biggest movers in terms of the unemployment rate, although WA this time served as the outperformed as its jobless rate fell 0.4 percentage points thanks to a lower participation rate.

Meanwhile, the unemployment rate ticked up 0.3 percentage points in Victoria and 0.4 percentage points in Queensland.

New South Wales retained the title of the lowest jobless rate in the country — at 5.2 per cent — while Queensland now has the highest after a jump to 6.7 per cent in February.

Source: Jobs market ‘a disaster’ in February | Perth Now