Australian March employment upbeat across all indicators

Australian employment report showed a dramatic improvement across all sub-indicators in the month of March, with the employment change at 60.9k vs 20k exp and 2.8k prior, with full time job creation at 74.5k vs 38.7k last, while part time jobs came at -13.6k vs -33.5k. The participation rate ticker higher to 64.8%, while the unemployment rate worsened stood steady at 5.9%.

Key points

TREND ESTIMATES (MONTHLY CHANGE)

Employment increased 16,500 to 12,033,400.

Unemployment increased 5,800 to 749,500.

Unemployment rate increased by less than 0.1 pts to 5.9%.

Participation rate increased by less than 0.1 pts to 64.7%.

Monthly hours worked in all jobs decreased 0.4 million hours to 1,668.5 million hours.

SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)

Employment increased 60,900 to 12,059,600. Full-time employment increased 74,500 to 8,238,600 and part-time employment decreased 13,600 to 3,821,000.

Unemployment increased 4,000 to 753,100. The number of unemployed persons looking for full-time work increased 2,900 to 528,600 and the number of unemployed persons only looking for part-time work increased 1,100 to 224,500.

Unemployment rate remained steady at 5.9%.

Participation rate increased by 0.2 pts to 64.8%.

Monthly hours worked in all jobs increased 3.2 million hours to 1,664.2 million hours.