Economics
Australia's Full-Time Employment Surges Most in Nearly 30 Years
- Unemployment holds at 5.9% as more people join labor force
- Strong March jobs data follows jump in business conditions
Australia Employers Add More Jobs Than Estimated in March
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Australian employment surged in March, underpinned by the biggest gain in full-time jobs in almost 30 years, as a recovering jobs market joined a spike in business conditions to suggest a stronger economy.
Signs of recovery in Australia’s labor market together with the best business conditions since 2008 suggest the Reserve Bank of Australia’s forecast of accelerating growth is on track. It also signals the central bank’s record-low cash rate of 1.5 percent since August appears to be encouraging investment and hiring by businesses outside the resources industry.