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‘Surprisingly large’ fall in unemployment shows job market improving faster than expected

Sumary of ‘Surprisingly large’ fall in unemployment shows job market improving faster than expected:

  • The number of Australians with jobs is almost back to pre-pandemic levels Women secured three quarters of the new jobs in February One economist says “the jobs lost in the early months of the coronavirus pandemic have now been fully replaced”..
  • Economists said it was a surprisingly large fall, and provided evidence the labour market was improving much faster than most people expected…
  • Commonwealth Bank economist Kristina Clifton said the surge in employment in February was well above the consensus estimate of 30,000…
  • Bjorn Jarvis, head of labour statistics at the Bureau of Statistics, said the data showed the recovery in Australia’s labour market was continuing, particularly for women…
  • ANZ senior economist Felicity Emmett( ) Jo Masters, EY chief economist, said the fact that the participation rate remained at its record high of 66.1 per cent, and hours worked across the country were now 0.2 per cent higher than a year ago, meant Australia’s economic activity was on track to be above its pre-COVID outlook in the first quarter of 2021….

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