Unemployment Rate in Australia Up by 5.6%

The unemployment rate in Australia surged last month since the total part-time jobs declined and labor force participation rate increased to its highest pace in seven years.

Australia’s jobless rate grew by 5.6 percent in the previous month on a seasonally adjusted basis versus January result of 5.5 percent according to the Australian Bureau of Statistics. While Reuters poll showed that economists predicted the rate would remain at 5.5 percent.

The economy created 17, 500 additional job last month, lower than the 20, 000 estimate by economists surveyed by Reuters but higher than the revised outlook of 12,500 in January and 16,000 previously.

Moreover, full-time jobs rose to 64,900 compared with the downward revision of 53, 200 in the past month to a previous loss of 49, 800. While part-time jobs were reduced to 47, 400 from the 65, 600 increase in January.

Women participation rate in the labor market recorded a new high of 60.6 percent and the overall participation grew by 65.7 percent, the highest figures since December 2010.

The Australian currency came in flat at $0.7763.