Australia's Unemployment Rate Declines for 6 Consecutive Months... Lowest at 4.9% in 10 Years

Residents of Sydney, Australia flocking to COVID-19 vaccination centers [Image source=Yonhap News]

[Asia Economy Reporter Song Seung-seop] Australia's unemployment rate has fallen for six consecutive months, reaching its lowest level in 10 years.

On the 15th, Australia's public broadcaster ABC reported, citing data from the Australian Bureau of Statistics, that last month's unemployment rate dropped by 0.2 percentage points from the previous month to 4.9%. This is the first time in 10 years since May 2011 that Australia's unemployment rate has fallen into the 4% range.

The total number of employed persons reached 13,154,200, an increase of 29,100 from the previous month. Full-time workers increased by 51,000 to 9,016,800, while part-time workers decreased by 22,500 to 4,137,400.

Australia achieved success in COVID-19 prevention measures and lifted most lockdown restrictions in the second half of last year. The economy also recovered quickly, with a downward trend in unemployment since November last year.

Garrett Eard, Chief Economist at Commonwealth Bank, Australia's largest bank, evaluated, "The unemployment statistics reveal that Australia's labor market has grown exceptionally strongly in recent months."

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