Australia unemployment rises to 5.9%

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Australia’s headline unemployment rate edged up to 5.9 per cent in February as the number of part time jobs fell for the first time since October.

The country’s unemployment rate rose from 5.7 per cent in January, coming in higher than a median estimate from economists compiled by Bloomberg predicting that the rate would hold steady.

The Australian economy shed 6,400 jobs in February, coming in below forecasts predicting 16,000 more jobs. This was also a fall from the revised figure for January of 13,700 new jobs added.

The number of full time jobs increased by 27,100 from a revised fall of 44,100 for January while the number of part time jobs fell by 33,500.

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