Australia added new jobs in March, as the employment report surveys were conducted during the first half of March and therefore did not reflect the full effect of the Covid-19 restrictions.
Employers added 5,900 jobs in March, following a job-creation pace of 25,600 in February. That defied analysts’ estimates of a drop by 30,000.
The jobless rate came in at 5.2 percent, up from a prior of 5.1 percent, compared to analysts’ projections of 5.4 percent.
Despite the better than forecast figures, April’s data would mirror the real impact of the coronavirus lockdowns, as well as the negative impact if the virus on China, Australia’s main trading partner.
While the government and central bank pumped a massive stimulus to aid the ailing economy, the Treasury still predicts the unemployment rate to leap to 10 percent in the current quarter.
As of 08:00 GMT, the
Australian dollar dropped against its U.S. counterpart, trading at 0.6290, ahead
of U.S. jobless claims data due later in the day.