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:
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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.