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FTSE 100 ends within a whisker of 7000 after new records for Wall Street
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Why women are getting more jobs
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Women are surging back into the workforce with female participation growing at five times that of men in the latest strengthening employment figures.
Women took almost 80 per cent of the 70,700 jobs added to the economy in March, continuing their strong recovery out of the COVID-19 pandemic.
Women have high representation in industries that have grown during COVID-19, such as healthcare and social services.
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Female participation has now increased to a record 61.8 per cent and Treasurer Josh Frydenberg expects this will continue.
“It’s pleasing to see female participation rate increase as well as these jobs coming back for women,” Treasurer Josh Frydenberg said.
FTSE 100 heads closer to 7000 after new record for Wall Street
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The official jobless rate is now only a touch higher than the 5.1 per cent level of February 2020, despite the end of JobKeeper wage subsidies on March 28.
Last month s jobless rate of 5.6 per cent was slightly higher than just before the Covid shutdowns because the participation rate climbed to a record high 66.3 per cent, which meant more people were looking for work as the economy rebounded.
Hospitality is still the worst affected industry from the coronavirus restrictions but employment is bouncing back in the food and accommodation sector with the number of new jobs in one week last month rising by 1.7 per cent - well above the economy-wide average of 0.1 per cent.
Business hails miracle rebound
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Business leaders have hailed the strength of the recovery of the Australian economy, describing the bounce back of jobs, which pushed the unemployment rate down to 5.6 per cent, as “miraculous”.
Qantas and Virgin have not only retained workers but are starting to hire new people, while bank chief executives have given upbeat expectations on employment, house prices and the economy with few concerns about financial distress.
More than 70,000 jobs were added to the workforce in March – almost three times what was expected by some leading market economists, pushing the unemployment rate down from 5.8 per cent. Over the year, the number of people employed increased by 74,300.
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