Unemployment rate drops to 3.7%

Australia’s unemployment rate dropped last month, falling fromto 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.

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Treasurer Jim Chalmers said the “remarkable”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.