Unemployment rate rises to 4.1% in March
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The news: The unemployment rate lifted slightly from a revised 4% in February to 4.1% in March in seasonally adjusted terms, according to the latest Australian Bureau of Statistics data.
The numbers: Employment rose by 32,200 over the month, while the number of unemployed people increased by 3,000.
The jobless rate came in slightly below market estimates of 4.2%, though the number of jobs added fell short of the forecast 40,000 increase.
The employment-to-population ratio remained at 64.1%. The participation increased slightly to 66.8% while the underemployment rate remained steady at 5.9%.
The ABS noted employment had grown 2.2% over the past year — slightly above the 20-year pre-pandemic average of 2%.
What they said: ABS head of labour statistics Sean Crick said: “A higher than usual number of people reported working reduced hours this month due to bad weather, coinciding with ex-Tropical Cyclone Alfred and other major weather events in New South Wales and Queensland”.
The source: ABS
