Australia’s Jobless Rate Holds Steady at 4.1 Percent
Figures published by the Australian Bureau of Statistics (ABS) showed a net gain in employment activity, driven by a surge in full-time positions. The number of Australians in full-time work rose by 50,500 between December and January, though the figure was partially tempered by a decline of 32,700 in part-time employment.
The steady reading follows a notable improvement in the final months of last year, when the unemployment rate dropped from 4.3 percent in November to 4.1 percent in December. Economists polled by local media had broadly forecast a modest deterioration to 4.2 percent in January — a prediction the latest data firmly contradicted.
The ABS also reported that the participation rate — which tracks the share of working-age Australians either employed or actively seeking work — stood at 66.7 percent in January, down from a record high of 67.3 percent logged twelve months prior, suggesting a slight easing in workforce engagement despite the robust employment figures.
On the productivity front, the total number of hours worked across the country climbed 0.6 percent between December and January, reaching 2.01 billion hours — a signal of sustained economic activity underpinning the headline employment numbers.
The stronger-than-expected result is likely to factor into the Reserve Bank of Australia's upcoming monetary policy deliberations, as policymakers weigh labor market conditions against broader inflationary pressures.
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