Good news for Aussie workers

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The unemployment rate has fallen in Australia, a welcome sign for Aussies facing a looming economic crisis.

The Australian Bureau of Statistics announced the shift in their latest labour force figures for the February period.

It is a 0.2 per cent improvement on the 3.7 per cent seasonally adjusted rate announced in last month’s figures.

The data shows an increase of 64,600 jobs for Australian workers.

BIS Oxford Economics Head of Macroeconomic Forecasting Sean Langcake said “largely unwound” the weak figures revealed last month.

“There was an unusually large cohort of people waiting to start jobs,” he said.

“With this group flowing into employment this month, the market has largely returned to where it was at the end of 2022.

“The labour market continues to track in a very strong position, and is starting to generate faster wage growth.”

Though he went on to say the unemployment rate is expected to drift up again this year due to interest rate hikes cooling demand.

More to come.

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