SYDNEY--Australia's job market proved more resilient than expected in March as the economy added jobs but a dire picture is likely to develop in the coming months as the full impact of virus-related lockdowns are felt on hiring.
Unemployment rose to a seasonally-adjusted 5.2% in March from 5.1% in February, well short of the 5.4% expected by economists polled by The Wall Street Journal.
Thursday's data from the Australian Bureau of Statistics showed that 5,900 new jobs were added in March, vastly better than the expected fall of 30,000.
The seasonally-adjusted underemployment rate increased by 0.1 percentage point to 8.8%, the ABS said
Still, the ABS employment survey of about 50,000 people was conducted prior to the announcement of business lockdown and border closures.
"Any impact from the major Covid-19 related actions will be evident in the April data," ABS Chief Economist Bruce Hockman said.
In trend terms, monthly employment increased by 17,000 people in March. Full-time employment increased by around 9,000 and part-time employment increased by about 8,000.
More current economic data suggests a big jump in unemployment ahead is likely.
Earlier this week, the National Australia Bank's monthly survey of business showed conditions and confidence plunging.
Business conditions dropped 21 points to a net balance of -21 in March. The previous record monthly low was -17 in February 2009, according to NAB.
Confidence fell 63 points to a net balance of -66. The previous record low was -30 in November 2008.
The NAB survey was conducted in the last week of March and gives a clearer picture of the immediate impact of the pandemic-induced closure of borders to non-residents on March 20 and the shutdown of non-essential services on March 23.
Write to James Glynn at james.glynn@wsj.com
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2020-04-16 03:08:00Z
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