Australian Unemployment Rate Steady at 5.4%

THE jobless rate has held steady, justifying the central bank's decision this week to leave interest rates unchanged.

The unemployment rate was at 5.4 per cent in January, defying economists' forecasts of a rise to 5.5 per cent in the month.

Some 10,400 people joined the workforce in January, more than double the number economists were expecting, the Australian Bureau of Statistics reported on Thursday.

The increase was the result of a 20,200 jump in part-time workers joining the workforce, which was partly offset by a 9,800 drop in full-time employees.

Despite a steady national rate, unemployment jumped to 6.1 per cent in Victoria from 5.6 per cent in December.

It also rose to 6.1 per cent from 5.8 per cent in South Australia and to 7.8 per cent from 7.4 per cent in Tasmania.

The rate was unchanged at 5.1 per cent in the nation's most populous state, NSW.

Read more: http://www.news.com.au/breaking-news/national/jobless-rate-unchanged-at-54-per-cent/story-e6frfku9-1226572577339#ixzz2KBBe02gO