The Australian Bureau of Statistics (ABS) surprised the nation on Thursday by releasing unemployment statistics contrary to analysts' expectations. Instead of a 5.3 per cent joblessness rate, Australia's unemployment rate was steady at 5.2 per cent in March.

About 55,000 jobs were added, contrary to forecasts that only 5,000 positions would be created. Analysts earlier predicted that Australia's unemployment rate would rise to 5.3 per cent in March from 5.2 per cent the previous month.

The ABS said the number of people engaged in full time work went up by 15,800 to 8.08 million while those in part time employment rose 28,200 to 3.41 million. Workforce participation rate also grew to 65.4 per cent from 65.2 per cent.

In February, ABS reported there were 15,400 less jobs for that month.

The March report appears to be contrary to media accounts of massive job losses as Australian companies, especially those in the manufacturing sectors. Besides axing jobs, companies are also said to be hesitant to hire due to global volatility.

On Wednesday, National Australia Bank (NAB) made the same projection that joblessness would go up 5.3 per cent from 5.2 per cent. The bank said the worse is still to come as it forecast unemployment to reach 5.5 per cent in June, although it added the situation would improve by the third and fourth quarters of 2012. It also cut economic growth rate forecast to 2.9 per cent from 3.25 per cent

"The downgraded outlook is the result of a few factors. Exports were down in the first two months of the year. They could come back in March because of weather and fewer strikes.... If we start to see weaker economic growth, then unemployment is going to be next to rise," The Australian quoted NAB chief economist Alan Oster.

The March ABS report, however, gave contrary figures.

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