Australia’s unemployment rate unexpectedly drops from 4.1% to 3.7% in February despite slowing economy

Office workers and shoppers walk through Sydney's central business district. Australia’s unemployment rate recorded a surprise drop in February, according to the Australia Bureau of Statistics.Office workers and shoppers walk through Sydney's central business district. Australia’s unemployment rate recorded a surprise drop in February, according to the Australia Bureau of Statistics.Australia’s jobless rate dived to 3.

The unexpected surge in employment lowered the jobless rate to where it was half a year ago, said Bjorn Jarvis, ABS head of labour statistics. A shift in the way people were entering the market affected the February result. Earlier this week, RBA governor Michele Bullock indicated a rapid increase in unemployment could prompt the central bank to start cutting its key interest rate provided inflation continued on its slowing path towards a 2%-3% target range.

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