The Australian Bureau of Statistics (ABS) has released a report showing strong employment figures for the month of February, with the unemployment rate tumbling to a 50-year low. However, concerns about a global recession amid a sharp slump in banking stocks have overshadowed the positive news.
According to the report, net employment rose by 64,600 in February, recovering from a drop of 10,900 positions in January. The market had expected employment to recover by 48,500 positions, making the increase in employment an even more positive sign.
The unemployment rate fell to 3.5% from 3.7%, beating analysts’ forecasts that it would fall to 3.6%. Additionally, working hours rose by 3.9%, indicating a recovery in economic activity.