Jobs market booms post JobKeeper

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.

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

Below are the key statistics:

• 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.