Australia Adds Fewer Jobs Than Expected as Unemployment Steady
2022.04.14 06:46
Australia Adds Fewer Jobs Than Expected as Unemployment Steady
(Bloomberg) — Australia’s economy added fewer jobs than forecast in March, while unemployment held at a 13-1/2 year low, as the labor market’s powerful recovery in recent months hit an air pocket.
Employment rose by 17,900 from a month earlier, led by full-time roles, while coming in below economists’ expectation of a 30,000 gain, Australian Bureau of Statistics data showed on Thursday. Unemployment held at 4%, versus a forecast fall to 3.9%, while labor market participation remained steady.
“We have continued to see strong increases in youth employment over the past year,” said Bjorn Jarvis, head of labor statistics at the ABS. “The youth employment-to-population ratio in March was the highest it had been since August 2008.”
The Australian dollar fell and was trading at 74.53 U.S. cents at 11:39 a.m. in Sydney. Three-year government bond yields edged down.
The result may disappoint Prime Minister Scott Morrison, who has sought to burnish his government’s economic credentials as he bids for a come-from-behind win at Australia’s May 21 ballot. Yet beyond the monthly results, the labor market has been on a steady path to improvement and the economy is growing strongly.
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Investors and economists are likely to look through the data, which tend to be volatile month-to-month and focus instead on recent reports showing an economy running hot with price pressures strengthening. They see the central bank raising interest rates in June.
©2022 Bloomberg L.P.
