Number of Australian full-time jobs jumps by most in 23 years

|By:, SA News Editor

The number of full-time Australian jobs has risen by the largest amount since 1991, jumping by 80,500 in February vs just 2,700 in January. The increase is also the second-largest ever and indicates that the central bank's policy of record-low interest rates is having an impact.

The overall number of jobs increased by 47,300 vs 18,000 previously and consensus that was 18,000 also.

The number of part-time jobs fell by 33,200 vs growth of 3,400 in January.

As expected, the unemployment rate held stead at 6%.

The "super strong result" should ease concerns about the labor market, says economist Savanth Sebastian. "Central bank policy makers are comfortable with the way the recovery is panning out. The housing recovery continues to gather momentum, while rising wealth levels are supporting confidence."

The S&P/ASX 200 rose 0.5%, while the Australian dollar is +0.8% at $0.9063.

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