Australia posted a strong reading in employment data in March, with the unemployment rate continuing to show a decline, proving that stimulus measures from the government and central bank were fruitful.
The Australian Bureau of Statistics (ABS) reported the unemployment rate fell to 5.6% from 5.8% in February, and exceeded market expectations for a decline of 5.7%.
Moreover, job creation was reported to have increased by 70,700 in the past month, twice as much as expected by 35,000. The participation rate also increased to 66.3%, also exceeding expectations by 66.1%.
ABS also reported part -time employment increased by 91,100, while full -time employment decreased by 20,800.
A significant decline in full -time employment will be the concern of the Reserve Bank of Australia (RBA), which has been closely monitoring employment changes. In fact, it also mentioned full -time employment data in its monetary policy statement in February.
Following the release of the data, the Australian dollar remained trading around a 3 -week high against the weaker US dollar.
The Aussie dollar has gained strength after experiencing a stronger -than -expected recovery from the recession caused by the coronavirus pandemic.
