New jobs and steady unemployment rate a big boost for Australian economy

Australia, 9th April: With the unemployment rate staying steady at 5.3 percent and nearly 20,000 new jobs added in the month of March, Australian economy’s recovery is in full swing.

The unemployment rate of Australia is much lower than that in several developed nations. As per the figures made available by the Australian Bureau of Statistics (ABS), there were nearly 4,000 people looking for jobs in Australia while 20,000 new jobs created optimism in the economy. 

These figures are in accordance with the predictions made by several leading economists of Australia as the market had a forecast of creation of 20,000 new jobs in Australia during March.

The new figures have increased the number of people having jobs in Australia to 10.988 million, seasonally adjusted, in the month of March, revealed the ABS.

Among the new jobs (created) in Australia, number of full-time jobs increased by 30,100 taking the total people employed in full-time jobs in Australia to 7.691 million. Meanwhile, there was a marginal fall in the part-time employment in Australia with 10,600 people losing jobs in Australia.

March happens to the seventh consecutive month registering growth in the number of people getting full-time jobs in Australia. The figures signify the strength of the labor market of Australia, stated Annette Beacher, Senior Strategist, TD Securities.

It may be worth recalling that unemployment rate was 5.8 percent in October. The decline in the unemployment rate in Australia adds weight to the fact that there is a great Asian demand for natural resources of Australia including coal and iron ore. This has helped significantly in making a fast recovery of the economy after the global economic slowdown faced during last 2 years.

Drawing a comparison with some of the developed nations of the world, the unemployment rate of Australia is far less than 9.7 percent in the US and 10 percent in the 16-nation Euro zone.

Australian economy has recovered from the global economic slowdown to emerge as one of the strongest economies in the world, commented Australian Prime Minister Kevin Rudd, and it is, indeed, true.