Economics
Australia Unemployment Falls Further as Recovery Intensifies
- Job gains driven by full-time employment; part-time roles fell
- Australia has recouped all-but 59,000 jobs lost since pandemic
Australia is experiencing a V-shaped recovery as the relative containment of Covid-19 boosts confidence and encourages cashed-up households to spend.
Photographer: Brendon Thorne/BloombergThis article is for subscribers only.
Australia’s unemployment rate declined in January as a second round of central bank stimulus combined with a big-spending government budget accelerated the economy’s recovery and further boosted hiring.
The jobless rate fell to 6.4% from 6.6% in December, versus economists’ estimate of 6.5%, data from the statistics bureau showed Thursday in Sydney. Employment advanced by 29,100 in January, compared with an expected 30,000 gain, driven by the state of Victoria that’s still rebounding from its second lockdown. The participation rate was 66.1%, slightly below the forecast 66.2%.