The Australian unemployment rate has fallen from 5.4% to 5.2% in one month, with a net 26,900 new jobs added to the economy.
The fall was unexpected, as economists had forecast the rate would remain unchanged.
“It’s a very strong report with that rise in employment solely driven by full-time employment,” says Helen Kevans, a JPMorgan economist.
New South Wales and Western Australia are the main states responsible for this fall. New South Wales experienced a drop from 5.7% to 5.2%, while Western Australia’s rate fell from 4.6% to 4.1%.