The ABS is out with May jobs and the news is more softening:
SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)
- Employment increased 12,000 to 12,518,300. Full-time employment decreased 20,600 to 8,521,400 and part-time employment increased 32,600 to 3,996,900.
- Unemployment decreased 26,800 to 714,600. The number of unemployed persons looking for full-time work decreased 11,200 to 494,300 and the number of unemployed persons only looking for part-time work decreased 15,600 to 220,300.
- Unemployment rate decreased by 0.2 pts to 5.4%.
- Participation rate decreased by 0.2 pts to 65.5%.
- Monthly hours worked in all jobs decreased 24.2 million hours (1.4%) to 1,738.8 million hours.
LABOUR UNDERUTILISATION (QUARTERLY CHANGE)
- Trend estimates: the labour force underemployment rate increased by less than 0.1 pts to 8.5%. The underutilisation rate remained steady at 13.9%.
- Seasonally adjusted estimates: the labour force underemployment rate increased by 0.1 pts to 8.5%. The underutilisation rate remained steady at 13.9%.
Markets looked through the UE rate drop as participation fell to the softer jobs growth. We’re definitely past the best of it.
More to come.