HUGE SURGE IN AUSTRALIAN JOBS: 47,000 ADDED LAST MONTH

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47,000 new jobs were created in February according to The ABS, putting the unemployment rate at 6% for the month.

That’s a huge beat on the market expectation of 18,000 jobs.

The Australian dollar has roared higher on the news, hitting a high of US90.7 cents.

Here’s the ABS release:

Australia’s seasonally adjusted unemployment rate increased by 0.1 percentage points but the rounded estimate remained at 6.0 per cent in February, as announced by the Australian Bureau of Statistics (ABS) today.

The ABS reported the number of people employed increased by 47,300 to 11,530,800 in February. The increase in employment was due to increased full-time employment, up 80,500 people to 8,049,900, offset by decreased part-time employment, down 33,300 to 3,480,900. The increase in total employment was driven by increases in male and female full-time employment and male part-time employment.

The number of people unemployed increased by 9,800 people to 742,200 in February, the ABS reported.

The ABS monthly seasonally adjusted aggregate hours worked series decreased in February, down 14.0 million hours to 1,608.9 million hours.

The ABS reported the seasonally adjusted labour force participation rate increased by 0.2 percentage points to 64.8 per cent in February.

The seasonally adjusted underemployment rate was 7.4 per cent in February 2014. Combined with the unemployment rate of 6.0 per cent, the latest seasonally adjusted estimate of total labour force underutilisation was 13.5 per cent in February, based on unrounded estimates.

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