The ABS data shows that Australia’s estimated seasonally adjusted unemployment rate for March 2015 was 6.1 per cent, compared with a revised 6.2 per cent for February 2015. This represented a decrease of less than 0.1 percentage points. In trend terms, the unemployment rate was unchanged at 6.2 per cent.
The seasonally adjusted labour force participation rate increased to 64.8 per cent in March 2015 from 64.7 per cent in February 2015. The ABS reported the number of people employed increased by 37,700 to 11,720,300 in March 2015 (seasonally adjusted). The increase in employment was driven by increases in full-time employment for both males (up 24,800) and females (up 6,700). The ABS seasonally adjusted aggregate monthly hours worked series increased in March 2015, up 4.8 million hours (0.3 per cent) to 1,630.4 million hours. The seasonally adjusted number of people unemployed decreased by 1,500 to 764,500 in March 2015.
Expectations were of a rise to 6.3 or 6.4 percent, and some analysts were expecting the rise to make a case for the RBA to cut the cash rate again in May. The data may suggest otherwise.
