Unemployment dropped to 4 per cent in February after 77,000 people found work, and is forecast to continue falling to a 48-year low in coming months.
Unemployment dropped to 4 per cent in February after 77,400 people found jobs, while hours worked rebounded dramatically after plummeting during January’s omicron induced shadow lockdown.
“This is the lowest unemployment rate since February 2008 and August 2008, and we would need to go back to the mid-1970s to find a similar level of unemployment,” KPMG chief economist Brendan Rynne said. “Participation rose to a new record high in February and was around 0.6 percentage points higher than the start of the pandemic,” Australian Bureau of Statistics head of labour statistics Bjorn Jarvis said.
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