Australian employment rate shows surprisingly strong economic recovery

In February, Australia's economy rebounded unusually swiftly from an omicron epidemic, dropping unemployment to levels not seen since 2008 and putting pressure on the Reserve Bank of Australia to raise interest rates sooner.

On Thursday, the Australian Bureau of Statistics said that employment increased by 77,400 in February from the previous month, more than double estimates of 37,000, while full-time jobs increased by 121,900.

As the effects of the omicron wave receded, hours worked increased sharply by 8.9%, bolstering overall economic growth.

The unemployment rate decreased to 4.0% from 4.2%, a significant achievement given that it was previously this low in the early 1970s.