Australian jobs jump in Feb, unemployment drops to 4%

[SYDNEY] Australian employment sped past expectations in February as activity recovered surprisingly quickly from an Omicron outbreak, driving unemployment down to lows not seen since 2008 and adding to pressure for an early rate hike.

Figures from the Australian Bureau of Statistics on Thursday showed employment jumped 77,400 in February, double forecasts of a 37,000 gain and extending a run of strong results.

The unemployment rate fell to 4.0 per cent, from 4.2 per cent, matching the lowest reading since 2008 when it bottomed out at 4.0 per cent.

Hours worked rebounded by a sharp 8.9 per cent as the initial drag from the Omicron wave faded, underpinning growth in the broader economy. REUTERS