The unemployment rate has fallen to its lowest level in almost eight years, although its move below 5 per cent was largely driven by fewer people looking for work.
The jobs market has stared down a slowing economy, with the unemployment rate edging below 5 per cent in February.
In seasonally adjusted terms, the unemployment rate came in at 4.9 per cent, its lowest level since June 2011. However, the rate of job creation slowed with 4,600 new jobs over the month, a marked step down from the 39,100 jobs in January. The decrease in unemployment was largely driven by fewer people looking for work, with the participation rate slipping.
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