Australian Employers Unexpectedly Add 27,300 Workers

Australian employers unexpectedly added workers in April and the jobless rate fell, supporting central bank Governor Glenn Stevens’ view that the nation’s economy will skirt the worst of the global recession.The jobless rate fell to 5.4 percent from 5.7 percent., Bloomberg 5/6/2009 10:39:57 PM

The number of people employed climbed 27,300 from March, the statistics bureau said in Sydney today.

The number of full-time jobs gained 49,100 in April and part-time employment decreased 21,800, today’s report showed.

To stem a rise in the jobless rate, Prime Minister Kevin Rudd is spending almost A$90 billion ($66 billion) on infrastructure, bond-market guarantees and cash handouts to consumers.

Governor Stevens has also moved to stoke domestic demand after the economy shrank in the fourth quarter for the first time in eight years by cutting the benchmark lending rate by a record 4.25 percentage points between September and April.

Signs of a recovery include reports that home-loan approvals rose for a fifth month in February, consumer confidence jumped in April by the most since August and business sentiment gained in March for a second month.

Advertisements for job vacancies tumbled to a record low in April, falling 7.5 percent from March and 49.9 percent from a year earlier, according to a Australia & New Zealand Banking Group Ltd. report released in Melbourne on May 4.

The participation rate, which measures the labor force as a percentage of the population aged over 15, fell to 65.4 percent in April from 65.5 percent, today’s report showed.

Australian Employers Unexpectedly Add 27,300 Workers