Australia's unemployment rate falls

Despite the Reserve Bank of Australia (RBA) raising interest rates to record levels, the number of jobs created in the country increased while the unemployment rate fell. According to a statement from the Australian Bureau of Statistics, 64,600 jobs were created in the country in February. Market expectations were for an increase of 48,500 in employment. While employment increased by 74,900 for full-time workers, it decreased by 10,300 for part-time workers. Accordingly, the seasonally adjusted unemployment rate fell from 3.7 percent to 3.5 percent, falling more than the market estimate of 3.6 percent. The RBA will be closely monitoring labor force data to determine whether it will need to raise interest rates again at its next meeting on April 4. The RBA has raised interest rates by a total of 350 basis points in its last 10 meetings. The labor force participation rate rose from 66.5 percent to 66.6 percent as expected.