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Market Update: Australia Jobless Rate Drops to 17-Month Low
Australia’s seasonally adjusted unemployment unexpectedly was at 5.1% in May 2021, compared with market consensus and April’s figure of 5.5%. This was the seventh straight month of fall in the jobless rate and the lowest reading since February 2020, as the economy recovered further from the COVID-19 hit. The number of unemployed declined 53,000 to 701.1 thousand, as people looking for full-time work was down by 36,100 to 491,500 and those looking for only part-time work fell 18,900 to 209,600. Meantime, employment grew 115,200 to 13.12 million, easily beating forecasts of a 30,000 gain, with part-time employment rising 97,500 and full-time employment expanding 17,700. The participation rate rose 0.3 points to 66.2 percent to a six-month low of 65.9%, above forecasts of 66.1%. The underemployment rate fell 0.3 points to 7.4%, and the underutilization rate decreased 0.7 points to 12.5%. Monthly hours worked in all jobs went up 25 million, or 1.4%, to 1,814 million hours. source: Australian Bureau of Statistics [/s2If]
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