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Economics update | 17 March 2023
17 Mar 2023
Labour market tightens further in February
The labour market bounced back in February, following an easing in December and January. The recent release of the ABS labour force data shows employment reaching a new high of 13.83 million in February. Unemployment settled back to its low 3.5 per cent, while participation returned to 66.6 per cent.
Overall, 19,700 new jobs were added in in February, with the bulk of these (17,900) full-time, while the number of unemployed fell by 17,000 people.
The increase in employment in February followed declines in December and January, with the ABS noting this reflected an unusually high number of people transitioning into employment in February, with people waiting longer than normal to returned to the workforce or commenced their new jobs in the new year.
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