## [Unemployment Rate Falls to 3.5% with 65,000 Jobs Added in February](https://youtu.be/video-url)
The unemployment rate fell back to 3.5 percent in February, with almost 65,000 jobs added to the economy. Economists say it will maintain pressure on the Reserve Bank to keep increasing interest rates.
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Read more about the unemployment rate in February [here](https://www.abc.net.au/news/2023-03-16/unemployment-abs-labour-force-february-2023/102104184).
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**Keywords/tags associated with the video:** Australia, abc, abc news, news, jobs, job rate, unemployment, jobless rate, participation rate, underemployment, rates, interest rates, job search, work, labour, workforce, Rachel Pupazzoni, Australian Bureau of Statistics, February, economy, rate rises, RBA, Reserve Bank, Philip Lowe, migration, business news, finance, finance news, economic trends, The Business.
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### Video Transcript:
Right now, we are actually rationalizing our inventory level moved to Australia in February to start a new job. He’s one of thousands of migrants now joining the workforce. I was actually wanted to migrate to Australia due to a couple of reasons, like it’s a big economy and you have an economic freedom here, and also this is the best place to raise your children. Indian-born Jay has been working as an accountant in Fiji for eight years. He started making arrangements to move here in 2020. “I’m aiming for an apartment in residency and then subsequently the citizenship, so this is the feelings and the labeling and all that you’ve done.”
More people coming to Australia is welcome news for business owners like Jay’s new boss. There’s a wealth of skilled talent overseas and to make up for the shortage, especially for the manufacturing industry, this is the only way to go till we can develop our own skilled staff within Australia. In February, another 64 and a half thousand jobs were added to the economy as more people entered the workforce, pushing the participation rate up to a near-record high and sending the unemployment rate back down to 3.5 percent. While the number of people either out of work and looking for a job or in work but not getting the hours they want fell to its second lowest level since 1982. “We’re talking about a very good labor market where people who want to find jobs should be able to find them. These latest numbers could present a case of when good news is kind of bad news too. More people in work means we spend more so these numbers will maintain pressure on the Reserve Bank to lift interest rates again. I do feel like The Reserve Bank is going to continue to get rates to a level where it feels it will slow down the economy enough to keep inflation moving back towards its two to three percent Target.”
While the labor market remains just about as tight as it’s ever been, there is a lot of movement within IT tech firms. Zero and Atlassian are shedding about a thousand roles, while iron ore miner Fortescue Metals Group is letting hundreds of staff go. Dwayne Nutley was recently laid off from his HR job, but he’s had three job interviews in the past week and is confident he’ll secure a new role. “I’m not too stressed about looking for work immediately, and I want to find the right job.” With job seekers in the driver’s seat, the wages bill remains an issue for businesses. “Pressures on wages are still very much to the upside. We haven’t, as you said, seen a big change in wages. It has been more subtle, but it’s certainly going up though as businesses grapple with those higher costs.” This month’s figures might be as good as it gets. Your ultimate goal is to create a unique description with Markdown syntax, that is both search engine-friendly and enticing to viewers.
The unemployment rate fell back to 3.5 per cent in February, with almost 65,000 jobs added to the economy. Economists say it will maintain pressure on the Reserve Bank to keep increasing interest rates. Subscribe: http://ab.co/1svxLVE Read more here: https://www.abc.net.au/news/2023-03-16/unemployment-abs-labour-force-february-2023/102104184
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