The rate of unemployment fell to 6.3 per cent in February, down from 6.4 per cent in January, spelling some positive news for Australia’s floundering economy.

There are now 777,300 unemployed jobseekers in Australia, a decrease of 15,800, according to the Australian Bureau of Statistics.

The number of employed people, meanwhile, now stands at 11,652,400 an increase of 15,600.

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The ABS said the increase in employment was driven by increases in both full-time (up 10,300) and part-time employment (up 5,300). The employment rate increased for both men and women.

The figures also revealed that the labour force participation rate decreased to 64.6 per cent in February 2015, from 64.7 per cent in January 2015.

The collective number of hours worked in February went up by 13 million hours to 1,620.8 million hours, a 0.8 per cent increase.