SYDNEY, March 18 (Reuters) - Australian employment surpassed all expectations to jump for a fifth consecutive month in February while the jobless rate fell by far more than expected, in yet another sign the country's economy was moving in the right direction.
Figures from the Australian Bureau of Statistics (ABS) on Thursday showed employment rose a net 88,700 in February, on top of a roughly 29,000 gain in January. Analysts had forecast a 30,000 increase.
The jobless rate dropped to 5.8%, from 6.4%, way better than market forecasts of 6.3% and down from a peak of 7.5% in July.