March employment statistics

http://www.smh.com.au/business/the-economy/unemployment-steady-at-59-in-march-20170413-gvk7ff.html

  • Figures released by the ABS show that employment grew more than expected last month- but a rise in the participation rate kept unemployment steady at 5.9%
  • Number of employed Australians grew by 60,900 in March, based on seasonally adjusted figures, while economists had predicted an increase of only 20,000
  • ABS said employment grew 0.14% in March in trend terms – slightly below the 20 year average growth rate of 0.15%.
  • Annual trend job growth is now 1%- about half the long-term average
  • The participation rate (the number of people either employed or actively looking for work) rose slightly to 64.8%
  • The total hours worked fell by 400,000 hours, with work hours falling for both full-time and part-time workers
  • The Aussie dollar appreciated with news of the data, rising approximately a quarter of a cent to a day high of US75.70c
  • These figures could advance the case for rate hikes later in the year
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