Australia Jobless Rate Falls to 6-Month Low of 5.4%

Australia's seasonally adjusted unemployment rate unexpectedly dropped to 5.4 percent in May of 2018 from 5.6 percent in the prior month while markets expected 5.5 percent. It is the lowest jobless rate since last November, as the economy added 12,000 jobs while the number of unemployed declined by 26,800.

In May, the number of unemployed fell by 26,800  to 714,600, as those looking for full-time work decreased by 11,200 to 494,300, and those looking for only part-time work decreased  15,600 to 220,300.

Employment increased by 12,000 to 12,518,300, below estimates of an increase of 18,800. Full-time employment went down by 20,600 to 8,521,400, while part-time employment rose by 32,600 to 3.996,900. 

The labor force participation rate inched lower to 65.5 percent from 65.6 percent in a month earlier while markets 65.6 percent. 

Seasonally adjusted monthly hours worked in all jobs decreased by 24.2 million hours (1.4 percent) to 1,738.8 million hours. Meantime, the seasonally adjusted employment to population ratio declined by less than 0.1 percentage points to 61.9 percent in May.

Australia Jobless Rate Falls to 6-Month Low of 5.4%

ABS l Rida |
6/14/2018 1:52:18 AM