Rate cut hopes dashed as unemployment dives to 3.7pc

Australia’s jobs market exhibited a remarkable recovery last month, with a shock fall in the unemployment rate suggesting the Reserve Bank will push back any cuts to interest rates, economists warned.

The economy added a blockbuster 116,500 jobs in February, the Australian Bureau of Statistics reported on Thursday, far outstripping an expected increase of 40,000.

The surprise jobs gain was fuelled by an increase in both full- and part-time positions, up 78,200 and 38,300, respectively.

To know more: https://www.news.com.au/finance/business/booming-jobs-growth-resumes-as-unemployment-edges-lower/news-story/62406fd9d4aa5d15ae17738a2a23c59e