Via the ABS comes May Labour Force:
- Employment increased 42,300 to 12,868,200 persons. Full-time employment increased 2,400 to 8,792,900 persons and part-time employment increased 39,800 to 4,075,400 persons.
- Unemployment decreased 2,400 to 704,700 persons.
- Unemployment rate remained steady at 5.2%.
- Participation rate increased 0.1 pts to 66.0%.
- Monthly hours worked in all jobs decreased 5.9 million hours to 1,775.0 million hours.
Not bad jobs creation but all part time and no return to the unemployment downtrend with falling hours worked. Participation rate up again as everyone works for Uber.
Not bad at the headline but weak under the bonnet. It’s a toss up if this is enough for another RBA cut in July. Aussie dollar fell and bonds were bid up.
