Australia / Most jobs added in almost 13 years

Australian monthly jobs growth hit a near 13-year high in February, an “extraordinary” result that helped keep the unemployment rate steady and eased pressure on the central bank to cut rates.

The Australian Bureau of Statistics said 71,500 jobs were created last month, smashing forecasts for a rise of 10,000 and the biggest jump since July 2000.

UBS economist George Tharenou said: “It is clearly a strong result and shows that employment growth is tracking much faster than some people had been expecting.”

The bureau said the rate of unemployment stood at 5.4 percent, unchanged from January due to more people re-entering the workforce, and better than predictions for a rise to 5.5 percent.

Thursday’s figures come just nine days after the Reserve Bank of Australia kept interest rates at historic lows of 3.0 percent, saying previous cuts were beginning to take effect.

Macquarie Bank senior economist Brian Redican said the numbers were “extraordinary” and added: “With that kind of employment growth there is no rationale for cutting rates.”

Chosen excerpts by Job Market Monitor 

via Australia adds most jobs in almost 13 years.