Dynamics of the labour market continue to surprise us
Total employment rose 12.0k in May but even though this is below what is considered to be a trend gain in the labour force, the unemployment rate dipped to 5.4% from 5.6%, a significant two percentage point drop in one month (5.40% from 5.60% at two decimal places).
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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.
