Search

Australia's unemployment rate eases to 6.3%

11:24 AM | 12 Mar, 2015
Australia's unemployment rate eases to 6.3%
SYDNEY (APP) - Australia's unemployment rate eased to 6.3 percent in February as fewer people looked for jobs, official data showed Thursday, but economists warned the labour market remained soft, maintaining expectations of another interest rate cut.

The unemployment rate fell from 6.4 percent in January, a more-than 12-year high, according to the Australian Bureau of Statistics -- in line with analysts' forecasts.

Some 15,600 jobs were added to the economy last month, with full-time positions increasing by 10,300 as part-time roles rose by 5,300. The proportion of adults in work or looking for work, measured by the participation rate, fell from 64.7 percent to 64.6.
The Australian dollar was broadly unchanged, trading about 76.05 US cents after the data was released.

Despite the improved figures, the jobless rate remained among the highest levels seen since late 2002, reflecting an Australian economy in a rocky exit from an unprecedented mining investment boom that has helped the nation avoid recession for more than two decades.
"We do not view the improvement in the unemployment rate as a change in the upward trend," ANZ Bank's co-head of Australian economics Riki Polygenis said.

"Below-trend growth outcomes -- both past and expected -- are consistent with a further gradual rise in the unemployment rate from here, with new hiring insufficient to keep pace with retrenchments in industries such as mining and manufacturing."

The Reserve Bank of Australia cut interest rates to a new record low of 2.25 percent in February in a bid to support growth in the non-mining sectors.

It kept them on hold at its March meeting but adopted an easing bias which analysts said pointed to another cut, possibly as soon as April.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

Advertisement

Today Open Market Currency Rates in Pakistan - Rupee to US Dollar, Euro, Pound, Riyal - 21 May 2024

Pakistani currency rates against US Dollar and other currencies on May 21, 2024 (Tuesday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.7 for buying and 280.35 for selling.

Euro moved up to 298 for buying and 301 for selling while British Pound rate is 350.5 for buying, and 354 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 21 May 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.35
Euro EUR 298 301
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 75.25 76
Saudi Riyal SAR 73.5 74.25
Australian Dollar AUD 183 184.80
Bahrain Dinar BHD 739 747.8
Canadian Dollar CAD 203 205
China Yuan CNY 38.51 38.89
Danish Krone DKK 40.53 40.65
Hong Kong Dollar HKD 35.65 36.31
Indian Rupee INR 3.34 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 913.28 922.28
Malaysian Ringgit MYR 58.69 59.29
New Zealand Dollar NZD 169.45 171.45
Norwegian Krone NOK 25.67 25.97
Omani Riyal OMR 730.59 738.59
Qatari Riyal QAR 76.41 77.11
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.67 25.97
Swiss Franc CHF 309.01 311.51
Thai Baht THB 7.57 7.72

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter