The latest Australian Bureau of Statistics data showed that the unemployment rate has unexpectedly fallen to 5.8 per cent in February, as nearly 89,000 Aussies returned to work.
The figures exceeded market expectations, with economists predicting 30,000 people would return to the workforce last month.
Following the jobless rate reaching a two-decade high of 7.5 per cent during the depths of the pandemic in July, unemployment has subsequently declined to 5.8 per cent as of the end of February.
Bjorn Jarvis, head of labour statistics at the ABS, said this latest data showed continued recovery in the labour market into February, particularly for women.
“The strong employment growth this month saw employment rise above 13 million people, and was 4,000 people higher than March 2020.
“Full-time employment increased by 89,000 people, of which 69,000 were women. Female full-time employment was 1.8 per cent higher than March 2020, while male full-time employment was 0.8 per cent below.”
Prime Minister Scott Morrison praised the remarkable performance of the Australian economy following the sharp decline in unemployment.
“In less than 12 months from when the recession began, caused by the COVID-19 pandemic, there are now more jobs in the Australian economy than there were before the pandemic,” Mr Morrison said.
However, while Australians are returning to work, the ABS stats showed that the number of hours worked were 0.7 per cent below the levels seen in March 2020, reflecting a 94 per cent recovery in the fall in hours between March and May.
“Indeed before the pandemic, 1.5 million jobs had been created since we first came to government. Those jobs are now restored.
“But we aren’t there yet. There are more hours still needed,” Mr Morrison said.
However, despite being upbeat about the current figures, Mr Morrison said more must be done to bolster Australia’s economic recovery and help get younger people back into the workforce.
“There is still a lot more to do, particularly for young people, and even though the youth unemployment rate has pleasingly fallen, there is still a distance to travel,” Mr Morrison concluded.
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