Jobs market booms post JobKeeper

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The ABS has just released its labour force survey for May, which reports cratering unemployment (to 5.1%) and underemployment (7.4%) on a whopping 115,200 monthly increase in jobs and a 1.4% increase in hours worked.

Australian unemployment rate

The result smashed analysts’ expectations of a 30,000 increase in jobs and a 5.5% unemployment rate.

Below are the key statistics:

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  • Unemployment rate decreased to 5.1%.
  • Participation rate increased to 66.2%.
  • Employment increased to 13,125,100.
  • Employment to population ratio increased to 62.8%.
  • Underemployment rate decreased to 7.4%.
  • Monthly hours worked increased by 25 million hours.

I will be back later with my usual detailed report.

About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.