n March, Australian employment unexpectedly fell while the unemployment rate rose, reflecting tightening monetary policy settings.

The economy shed 6,600 jobs, defying expectations for a 10,000-strong increase and following a rise of more than 100,000 in February, government data showed on Thursday. The unemployment rate rose to 3.8% from 3.7% in February.

The data “point to a healthy and still tight labour market,” said Su-Lin Ong, chief economist at the Royal Bank of Canada. “Despite below-trend economic growth, a consumer recession and subdued confidence, the labour market remains fairly resilient”.