SYDNEY: Australia's jobless rate held steady at 5.0 percent for the third straight month in February but the number of unemployed people rose for the first time in a year, by 10,100, figures showed on Thursday. The Australian dollar dipped as the Australian Bureau of Statistics announced the drop in employment, but quickly regained lost ground as economists had expected the number of jobless to rise by 20,000. Full-time employment exceeded predictions with an increase of 47,600 jobs to 8.07million, but the number of people in part-time work fell steeply by 57,700 3.34million, pulling the overall figures lower. The high-yield Australian dollar, which has soared in strength against the US dollar, fell briefly, but then recovered to US$1.0113 from a low of US$1.0089. Analysts explained that while the headline figure was weak, the underlying data was very strong.
"That big, 47,000 full time jobs is really the more important number it's a terrific number really," St George Bank senior economist Kate King told AAP news agency. "It offsets the fall in full-time positions last month." The figures demonstrated that Australia's labour market was approaching full capacity as the economy boomed on the back of rising resources prices and massive demand from China and other emerging economic powers, analysts said.
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