Australia's March jobs jump 70,700, unemployment drops to 5.6%

[SYDNEY] Australian job creation again far outstripped expectations in March as unemployment dropped to a one-year low and the total number of employed passed its pre-pandemic peak.

Thursday's data from the Australian Bureau of Statistics (ABS) showed 70,700 net new jobs were created in March, double forecasts of a 35,000 gain.

Unemployment dropped to 5.6 per cent, from 5.8 per cent in February, marking a remarkable recovery from the top of 7.5 per cent hit last July when coronavirus lockdowns tipped the economy into recession.

REUTERS