​No changes to unemployment rate expected

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After a weak January, Australia’s jobless rate was expected to rebound in February, but not by enough to bring the rate down, reports 9 News. 

The results of an AAP survey of 13 economists shows that the unemployment rate will remain at 6 per cent, after hitting a 10-and-a-half year high in January.

Official labour figures indicate the number of employed Australians rose by 10,000 last month, after a decline of 3,700 in January.

However, employment growth is still expected to be weak, despite some recent positive economic data, said Justin Fabo, head of Australian economics for ANZ.

“On balance, we expect employment rose very modestly in February, but (we) are looking for an unchanged unemployment rate at 6 per cent,” Fabo said in an interview.

Last week, Reserve Bank of Australia governor Glenn Stevens said that he believes the unemployment rate will peak a little above 6 per cent in 2014.

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