Australia records record low unemployment

Data published by the Australian Bureau of Statistics show an improvement in the situation in the country’s labor market. Unemployment in February amounted to 4%, which is 0.2 percentage points lower than in January. Analysts expected the unemployment rate to fall to 4.1%. In the entire history of accounting, such a low unemployment rate was recorded only three times. The last time this happened was in August 2008. The positive dynamics of the indicator are explained by the abolition of almost all restrictive measures previously introduced to combat the spread of coronavirus. As of the end of February, the total number of unemployed in Australia decreased by 18,500 people. It amounted to 563,300 people. The number of employees has reached a record. It has grown to 13 million 370 thousand people. At the same time, there was an increase in full-time employment and a decrease in the number of Australians working part-time. The indicator, which measures the share of employed in the total population, also rose to a record high of 66.4%.

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Arseny Kudrin

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