The national unemployment rate has risen by 0.1 percentage points to 3.8% in March with the economy shedding around 7000 jobs since February. Underemployment, however, for those wishing to work more hours, dropped from 6.6% to 6.5%.
South Australia meanwhile saw its unemployment rate rise the highest in the nation, up from a record low of 3.2% in February to 3.9% in March. This was attributed to a large number of South Australians starting new jobs or returning to work in the new year and we have effectively seen a regression towards the mean in March.
With still very low unemployment, as well as higher than forecast inflation in the US, some commentators now believe an interest rate cut might not occur until 2025.
Quarterly consumer price data will be released ahead of the next Reserve Bank cash rate decision in early May.
