The jobless rate continues to hover around 50-year lows, holding at 3.5 per cent in March.
Around 53,000 jobs were estimated to be added over the month, official Australian Bureau of Statistics labour force data reveals, with the participation rate holding at 66.7 per cent.
“With employment increasing by around 53,000 people, and the number of unemployed decreasing by 1,600 people, the unemployment rate remained at a near 50-year low of 3.5 per cent,” ABS head of labour statistics Lauren Ford said.
She said the figures reflected ongoing tightness in the labour market and they explained why employers were finding it hard to fill roles.
The March labour force figures follow a few months of see-sawing results driven by an abnormally large number of people waiting to start new jobs in January and then taking up those roles in February.
Several economists were betting on another strong set of numbers as labour shortages remain prevalent.
Westpac economists predicted the unemployment rate would remain at 3.5 per cent in March and employment numbers would lift 25,000 over the month.
NAB analysis of SEEK job data revealed signs of ad numbers steadying after falling sharply in the back half of last year.
The job ads figures, which can point to upcoming trends in the labour market, fell 0.6 per cent over the month and continued a broad pattern of stabilisation through the early months of 2023.
While job ads remain elevated at 37 per cent above pre-pandemic levels, NAB economists said the labour market was showing signs of pulling back.
The bank’s economists expect the unemployment rate to drift up towards four per cent towards the end of the year as economic growth continues to slow.
– AAP
