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The ABS has released its May Labour Force survey and the news is good:
- SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)
- Employment increased 42,000 to 11,759,600. Full-time employment increased 14,700 to 8,128,600 and part-time employment increased 27,300 to 3,630,900.
- Unemployment decreased 22,000 to 745,200. The number of unemployed persons looking for full-time work decreased 23,500 to 514,500 and the number of unemployed persons only looking for part-time work increased 1,500 to 230,800.
- Unemployment rate decreased 0.2 pts to 6.0%, based on unrounded estimates.
- Participation rate remained steady at 64.7% from a revised April 2015 estimate.
- Aggregate monthly hours worked increased 2.2 million hours (0.1%) to 1,631.8 million hours from a revised April 2015 estimate.
Brace for a peripatetic bullish spray from “Mad” Adam Carr. More to come.
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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