Why so many jobs were lost in February | The Business | ABC News

According to the Australian Bureau of Statistics (ABS), 52,800 jobs were lost from the economy, well below forecasts of a 30,000 increase in employment. The drop in employment came as fewer people were in work or looking for a job, with the participation rate falling to 66.8 per cent, from a record high of 67.3 per cent in January. The ABS attributed most of the fall in employment to fewer older workers returning to work in February, with employment among older age groups lower than in the same month in 2024. The Reserve Bank's latest forecasts are for the unemployment rate to average 4.2 per cent by mid-year, and remain around that level over the next few years. The RBA board will deliver its next interest rate decision on April 1 and the tight labour market has been on their radar, but economists do not expect this latest data to have a significant impact on their decision. Three of the big four banks expect the RBA to cut in May, with ANZ forecasting interest rates to fall in August.
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