Unemployment fell in March, new figures show

The full effect of the economic shutdown caused by the coronavirus has not yet showed up in official figures released today with a surprise in the number of unemployed Tasmanians.

TASMANIA’S unemployment rate fell 0.1 per cent in March, despite the early stages of the coronavirus pandemic reaching the state.

Australian Bureau of Statistics labour force figures released today showed the unemployment rate improved from 5.4 per cent to 5.3 per in trend terms last month.

The number of unemployed people fell from 14,600 to 14,400 and labour force participation rate held steady at 61.4 per cent.

Nationally, the unemployment rate remained steady at 5.2 per cent.

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The Bureau of Statistics said the March data was a snapshot of the labour market shortly before the major restrictions in Australia to contain the spread of the coronavirus.

Speaking shortly before the figures came out, Premier Peter Gutwein said it would be some time before the impact of the coronavirus-related restrictions was reflected in official figures.

Premier Peter Gutwein speaks at the daily COVID-19 update. Picture: LUKE BOWDEN

“I don’t think anybody whether they be an economist, or somebody on the street, should pay very much attention to it. It will not paint the full picture and whether it’s good or bad or indifferent, we really need to wait until next month’s jobs data,” he said.

“As I said yesterday, this will be ugly. At the end of the day, thousands of businesses have been shut, tens of thousands of people lost their jobs and this will have a significant impact both on the jobs numbers but also on the broader economy.”