Australia Jobless Rate Holds at 5.3%

Australian employers added more workers in March, keeping the unemployment rate at almost half the level of the U.S. and Europe and underscoring central bank Governor Glenn Stevens’ decision to boost borrowing costs., Bloomberg 4/8/2010 12:10:08 PM

The number of people employed gained 19,600 from February, when it fell a revised 4,700, the statistics bureau said in Sydney today. The jobless rate held at 5.3 percent.

The number of full-time jobs gained 30,100 in March and part-time employment decreased 10,600. Australian employers increased payrolls by 214,900 since August 2009.

Advertisements for job vacancies jumped 1.8 percent in March, a report published this week by Australia & New Zealand Banking Group Ltd. showed.

Australia’s participation rate, which measures the labor force as a percentage of the population aged over 15, fell to 65.1 percent in March from 65.2 percent.

More than A$100 billion of resources projects in Western Australia are likely to generate about 40,000 construction jobs and 12,500 permanent positions, a state government report released last year shows.

Australia’s gross domestic product grew 0.9 percent in the fourth quarter from the previous three months, the most in almost two years. Machinery and equipment spending surged 10.9 percent in the quarter, adding 0.8 percentage points to GDP.

Australia Jobless Rate Holds at 5.3%