Australia's Unemployment Rate Stable in February
Australia's seasonally adjusted unemployment rate stayed at 6 percent in February as more people joined the labour force. The employment surged by 47,300, the biggest gain in 13 months and above forecasts.
The number of employed people grew by 47,300 to 11,530,800. The increase in employment was due to increased full-time employment, up 80,500 people to 8,049,900, offset by decreased part-time employment, down 33,300 to 3,480,900. The increase in total employment was driven by increases in male and female full-time employment and male part-time employment.
The number of people unemployed increased by 9,800 people to 742,200 in February, the ABS reported.
The seasonally adjusted aggregate hours worked series decreased in February, down 14.0 million hours to 1,608.9 million hours.
The seasonally adjusted labour force participation rate increased by 0.2 percentage points to 64.8 per cent in February.
The seasonally adjusted underemployment rate was 7.4 per cent in February 2014. Combined with the unemployment rate of 6.0 per cent, the latest seasonally adjusted estimate of total labour force underutilisation was 13.5 per cent in February, based on unrounded estimates.
3/13/2014 1:06:55 AM