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The Australian Bureau of Statistics (ABS) has released the February labour force report, which recorded a rise in the headline unemployment rate to 4.3% (up from 4.1% in January) despite the creation of 48,900 jobs over the month:
However, monthly hours worked declined by 0.2%, suggesting the jobs data isn’t as strong as it appears.
The decline in hours worked was due to part-time employment rising by 79,000 people, while full-time employment fell by 30,000 people.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.