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Australia's unemployment rate stood at the lowest in almost 50 years in April that may increase pressure on the central bank for further hikes in interest rates. According to data released by the Australian Bureau of Statistics (ABS), the seasonally adjusted unemployment rate for April 2022 was 3.9% per cent, as compared to a downwardly revised 3.9% in March.

Bjorn Jarvis, head of labour statistics at the ABS, said: “In April, we saw employment rise by 4,000 people and unemployment fall by 11,000 people. As a result, the unemployment rate decreased slightly in April, though remained level, in rounded terms, with the revised March rate of 3.9%."

“3.9% is the lowest the unemployment rate has been in the monthly survey. The last time the unemployment rate was lower than this was in August 1974, when the survey was quarterly," he added. 

Figures showed that the unemployment rate for males fell by 0.2 percentage points to 4.0%, its lowest level since October 2008. For females, it remained at 3.7 per cent for a second month, which is the lowest it has been since May 1974.

The participation rate decreased in April, down by 0.1 percentage points to 66.3 per cent, but remained close to the historical highs in February and March.

Here are the other highlights of the Australian Bureau of Statistics report:

-Employment in Australia increased by 4,000 people in April, the sixth consecutive monthly rise.

-The employment to population ratio remained at 63.8 per cent for a third month, the highest it has been and 1.4 percentage points higher than March 2020.

-Seasonally adjusted hours worked increased by 1.3 per cent in April, largely reflecting a bounce back from the March falls in flood affected areas. (With Agency Inputs)

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