Australia March employment unexpectedly falls 6,600, jobless rate ticks up to 3.8%

Australian employment rate 2024: Australian employment fell in March after an enormous gain the month before while the jobless rate resumed its uptrend, a sign that the hot labour market was still on track to loosen from here.

Figures from the Australian Bureau of Statistics on Thursday showed net employment dropped 6,600 in March from February, when it rose a revised 117,600. Market forecasts had been for a small gain of 10,000 after a blockbuster February.

Full-time employment rose 27,900 in March. The jobless rate climbed slightly to 3.8 per cent from 3.7 per cent the previous month, although that was under a forecast of 3.9 per cent.