In May, the labour market added 38,900 jobs over the previous month in seasonally adjusted terms, which was up from the 7,000 new hires in April (previously reported: +37,600 jobs) and defied market expectations that 5,000 jobs would be lost. The reading reflected a strong increase in full-time positions (+46,100), which more than compensated for a drop in part-time jobs (-7,200). Meanwhile, the number of total job seekers increased by 22,400 persons in May (April: -27,500). As a result, the unemployment rate inched up from 5.0% in April to 5.1%, matching market expectations.
Unemployment rate inches up in May
June 7, 2012
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Australia Unemployment Chart
Note: Seasonally adjusted unemployment rate in % and new jobs in thousands.
Source: Australian Bureau of Statistics.
Australia Economic News
October 12, 2016
The Westpac-Melbourne Institute Survey of Consumer Sentiment increased 1.1% in October as the index rose from September’s 101.4 to 102.4.
October 11, 2016
The business confidence index published by the National Australia Bank (NAB) was stable in September at August’s 6 points.
October 5, 2016
Nominal retail sales inched up 0.4% in August from the previous month in seasonally-adjusted terms, up from July’s flat reading.
October 4, 2016
At its 4 October monetary policy meeting, the Reserve Bank of Australia (RBA) kept its policy rate steady at an all-time low of 1.50% after cutting its rate by 25 basis points twice this year, once in May and once in August.
September 15, 2016
The labor market lost 3,900 net new jobs in August compared to the previous month in seasonally-adjusted terms.