Australian unemployment figures for January have shocked the markets, with the unemployment rate falling 0.2 percent to 5.3 percent in seasonally adjusted terms.
This comes as a surprise to the markets with the economy moving forward despite concerns over global growth numbers. At 12:00 (AEDT), the S&P/ASX200 was up 38.8 points, or 0.86 per cent, at 4552.2, while the broader All Ordinaries index had gained 39.1 points, or 0.86 per cent, at 4572.1.
The number of people employed in January increased by 52,700 to 10.966 million, seasonally adjusted, the ABS reported. This is the largest rise in employment since December 2006. The rise in employment was driven primarily by a rise in part-time employment, up 36,900 to 3.314 million people together with a rise in full-time employment, up 15,900 persons to 7.652 million.
For the third consecutive month, the ABS reported the number of people unemployed had decreased, down 22,300 persons to 612,000 in January.
However the results were not all positive with the ABS seasonally adjusted monthly aggregate hours worked series showing a fall in January, down 14.8 million hours to 1,518.1 million hours. This indicates more people are being employed part time at the expense of full time positions, the impact of the GFC is still rippling through the economy and Australia is not out of the woods yet.