Thursday 9th April 2009 |
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The jobless rate rose to 5.7% last month, from 5.2%, according to the Australian Bureau of Statistics. The economy shed a greater-than-expected 34,700 jobs in March from February.
Australia's central bank this week cut its benchmark interest rate by a quarter point to a 49-year low of 3%, saying there's evidence that the global economic contraction continued into the first few months of 2009.
"Conditions in global financial markets have continued to improve gradually, helped by progress towards a resolution of banking system difficulties in the U.S. and other major countries," Assistant Governor Malcolm Edey said in a statement. Still, "sentiment remains fragile," he said.
The Australian dollar fell to 70.76 U.S. cents after the report from 70.93 cents immediately before it was released.
Full-time jobs fell by 38,900 in March while part-time positions rose by 4,200, according to the report.
The participation rate was unchanged at 65.5%.
Businesswire.co.nz
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