The jobless rate fell in February to 5.8 per cent as fewer people looked for work, sharply reducing chances of any further Reserve Bank of Australia interest rate cuts any time soon. Total employment was almost unchanged in the month, up by just 296 jobs, while full-time positions jumped by 15,900, the Australian Bureau of Statistics said on Thursday. The participation rate, or the proportion of people in work or looking for jobs, fell to 64.9 per cent from 65.1 per cent. Economists had forecast the jobless rate would stay unchanged at 6 per cent and the creation of 10,000 new jobs.
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