Australia employment rebounds in Feb, jobless rate drops to 3.5%

AUSTRALIA employment rebounded strongly in February while the jobless rate fell back to near 50-year lows, data showed on Thursday, though the upbeat result was overshadowed by worries about global recession amid a rout in bank shares.

Figures from the Australian Bureau of Statistics showed net employment rose 64,600 in February from January, when they fell a revised 10,900. Market forecasts had been for a rebound of 48,500.

The jobless rate dropped to 3.5 per cent, from 3.7 per cent, when analysts had looked for a dip to 3.6 per cent. Hours worked jumped by 3.9 per cent in another signal of resilient activity. REUTERS