Unemployment remains steady at 5.9%

Australia’s unemployment rate has remained steady throughout March, after larger-than-expected gains in full time job growth.

According to the Australian Bureau of Statistics (ABS), the unemployment rate has remained steady at 5.9%, which is in line with market expectations.

Figures released by the ABS show that full-time employment is largely the reason behind the steady rate, with seasonally adjusted full-time employment increasing by 74,500 to 8,238,600.

Unemployed people currently looking for full-time work has also increased by 2,900 to 528,600.

Acting General Manager of ABS’ Macroeconomic Statistics Division, Jacqui Jones, said in a press release that the growth in full-time employment is in keeping with the trend from recent months.

“We have seen strengthening in full-time growth over recent months, following falls in full-time employment recorded through much of 2016,” she said.

The ABS also revealed that part-time employment is down by 13,600 to 3,821,000, with those looking for part-time employment rising by 1,100 to 224,500.

The labour force participation rate has also increased by 0.2% to 64.8%, while total employment has increased by 16,500 to 12,033,400.

The announcement has also seen a surge in the Australian dollar. After the figures were released, the dollar is currently worth 75.7 US cents, an increase from 75.39 US cents.

Further information, including information on the regional labour market information, will be in the Labour Force Survey, which is scheduled to be released on April 20th.