Labour market holds firm at cycle low, supported by steady hiring
The unemployment rate remained unchanged at 2.9% in February (Jan: 2.9%), extending its four-month run and marking the lowest since November 2014
- The number of unemployed declined sharply (-0.6% MoM; Jan: 0.3%) following the prior month’s rebound.
- In absolute terms, unemployment fell to 506.8k (Jan: 509.6k).
- Actively unemployed, defined as those available for work and actively seeking jobs, fell to 404.7k (Jan: 406.9k). Its share of total unemployed edged up to 79.9% (Jan: 79.8%).
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