116,500 jobs added in Australia in February, surpassing 40,000 expected; unemployment rate drops to 3.7%.
Australian employment surged in February, with a record 116,500 jobs added, significantly higher than the 40,000 increase expected. The unemployment rate dropped to 3.7% from 4.1% in January, indicating a tight labor market and recent statistical overstatements. Full-time employment saw an increase of 78,200, while part-time jobs rose by 38,300. This strong employment growth in Australia has led to speculation about the Reserve Bank delaying interest rate cuts.
March 20, 2024
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