On the face of it, the March jobs data from the ABS, which is out this morning, and the surprise fall in unemployment contained in it, is good news. But there’s a lot of noise in the numbers yet again.
Seasonally adjusted, the number of new jobs rose 18,100 in March, after a rise of 47,300 in February. But after the big jump in full-time jobs in February, reported as more than 80,000, (seasonally adjusted), the number of full-time jobs fell in March — by more than 22,000. At the same time the number of part-time jobs rose more than 40,000 after falling more than 33,000 in February. The unemployment rate dipped to 5.8% from 6.0% (and close to 6.1% on unrounded figures).