The Magazine for Asian Investors
The Australian National Bureau of Statistics (ABS) reported today that the unemployment rate fell to 4.0 percent in February, the lowest level since August 2008. The data are suggesting that the Australian economy is on the verge of full employment and may prompt the central bank to raise interest rates for the first time since 2010.
“February’s unemployment rate was the lowest in 14 years and was the third time in Australia’s history that the unemployment rate was as low as 4.0%,” the ABS said. The unemployment rate is 4.2%.
The ABS recorded 77,400 new jobs in February, the fourth consecutive month of gains, and the number of full-time jobs increased by 121,900 for the month.
This information also confirms that the spread of the COVID-19 virus peaked in December-January. Analysts’ forecasts predict that the Australian economy will grow rapidly this year.