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Unemployment rate drops to 3.7%

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The unemployment rate dropped to 3.7% in February. Treasurer Chalmers said it showed the economy is resilient.
unemployment rate drops

Australia’s unemployment rate dropped last month, falling from 4.1 to 3.7% in February.

The unemployment rate measures the percentage of people who were looking for work but could not find any.

The number of employed people remains high, with more than 14.2 million people in work across February.

Economists had been expecting today’s drop, after unemployment reached a two-year high in January.

Response

Treasurer Jim Chalmers said the “remarkable” unemployment figures showed Australia’s labour market is “resilient” despite pressures like inflation (rising prices).

Youth unemployment rate hasn’t dropped

Youth unemployment, which measures the proportion of people aged 15-24 years old who are looking for work, was steady at 9.3%.

Youth unemployment reached record lows of around 7% in 2022.

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