Aussie March job growth more than doubles forecast

Sydney

AUSTRALIAN employment sped past expectations in March while jobs created in February were revised up sharply, an upbeat report that sent the local dollar surging as markets scaled back bets for another cut in interest rates.

Thursday's figures from the Australian Bureau of Statistics showed that employment rose 37,700 in March, more than double the market forecast of 15,000. February's increase was also revised up to show a rousing 41,900 increase.

The spike in hiring drove the unemployment rate down to 6.1 per cent, and away from January's decade-peak of 6.3 per cent. Full-time employment was healthy and hours worked rose again, suggesting that the labour m…