The unemployment rate in Australia fell half a percentage point in February as nearly 89,000 people found work during the month.

Figures from the Australian Bureau of Statistics on Thursday showed the national unemployment rate fell to 5.8 percent , the best result since March last year.

The number of unemployed fell by 69,900 to 805,200. It’s still 109,500 higher than last February. Credit: Jessica Shapiro

Total employment is now back over 13 million, just 1,800 less than last February, before stalemate related across the economy Coronavirus came.

Full-time employment rose by 89,000, 69,000 of which went to women. Full-time employment for women is now 1.8 percent higher than last March, while full-time employment for men is 0.8 percent lower.

The number of unemployed fell by 69,900 to 805,200. It is still 109,500 higher than in February last year.

Youth unemployment fell by 1.1 percentage points, but is still half a percentage point higher in the last 12 months at 12.9 percent.

The unemployment rate in Victoria fell by 0.7 percentage points. It and NSW now have the same unemployment rate of 5.6 percent.

Unemployment has fallen across all states and territories, with the largest drop being seen in Queensland, where it fell 0.8 percentage points to 6 , Decreased 1 percent. The lowest unemployment rate in the ACT is 4.1 percent.

Björn Jarvis, head of ABS labor statistics, said that the number of hours worked up to February had also developed positively, after a decline of 4.9 Percent rose 6.1 percent in January.

“Working hours increased in all states and territories except Western Australia, where working hours were affected by the lockdown in the first week of February,” said Jarvis.

The underemployment rate rose 0.3 percentage points to 8.4 percent, indicating a persistent slump in the labor market.

The underemployment rate in Victoria is 9.1 percent, in NSW 8.1 percent.

The dates also date before the end of the JobKeeper wage subsidy, which ends at the end of March. Analysts, the Treasury Department and the Reserve Bank estimate that the unemployment rate is likely to rise after it ends.

It is unlikely that the full impact of the end of JobKeeper will be known by at least the office’s May employment report. </ Keep up with the news you need to know about the pandemic. Sent Monday and Thursday. Login here.

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Ref: https://www.smh.com.au