The ABS has just released the Labor Force survey for May and it is steady as she goes:
TREND ESTIMATES (MONTHLY CHANGE)
- Employment increased 3,700 to 11,919,400.
- Unemployment decreased 2,200 to 724,300.
- Unemployment rate remained steady at 5.7%.
- Participation rate decreased by 0.1 pts to 64.8%.
- Monthly hours worked in all jobs decreased 2.3 million hours to 1,632.1 million hours.
SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)
- Employment increased 17,900 to 11,930,700. Full-time employment remained steady at 8,156,500 and part-time employment increased 17,900 to 3,774,200.
- Unemployment increased 1,600 to 726,400. The number of unemployed persons looking for full-time work decreased 6,200 to 509,200 and the number of unemployed persons only looking for part-time work increased 7,800 to 217,200.
- Unemployment rate remained steady at 5.7%.
- Participation rate remained steady at 64.8%.
- Monthly hours worked in all jobs increased 27.7 million hours to 1,643.1 million hours.
Trend pretty average but seasonal adjusted slightly better than consensus. Hours worked repaired last month’s damage. Dollar unmoved. More to come.
