RTTNews reports that according to the report from the Australian Bureau of Statistics, the jobless rate in Australia was a seasonally adjusted 5.8 percent in February. That was well below forecasts for 6.3 percent and down sharply from 6.4 percent in January.

The Australian economy added 88,700 jobs last month to 13,006,900 - blowing away expectations for an increase of 30,000 following the increase of 29,100 in the previous month.

Full-time employment increased by 89,100 to 8,895,000 people, and part-time employment decreased by 500 to 4,111,900 people. 

Over the year to February 2021, employment decreased 1,800 people, less than 0.1 percent.

The participation rate came in at 66.1 percent - unchanged from the previous month but shy of expectations for 66.2 percent.

Unemployment decreased by 70,000 people (8 percent) in February. The unemployment rate declined by 0.5 percentage points to 5.8 per cent (from a revised January figure of 6.3 per cent). The unemployment rate remained 0.6 percentage points above March 2020, with around 89,000 more unemployed people.