Australia Business Confidence

Australia

Australia: Unemployment stable in May

June 12, 2014

In May, the labor market lost 4,800 new jobs compared to the previous month in seasonally-adjusted terms, which contrasted the revised 10,300 jobs created in April (previously reported: 14,200 jobs created). The figure reflected a strong drop in part-time positions (27,000 jobs lost), whereas 22,200 new full-time positions were created.

The participation rate inched down to 64.6% (April: 64.7%), which marked the lowest level in five months. The labor market participation rate has been declining since the beginning of the global financial crisis and now sits at the same level that was registered in January 2007. The unemployment rate didn’t increase in May and instead remained stable at April’s 5.8%, which marked the lowest level since November 2013.

FocusEconomics panelists expect the unemployment rate to average 5.9% in 2014, which is unchanged from last month’s forecast. In 2015, the panel expects the unemployment rate to inch down to 5.8%.


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Australia Unemployment May 2014 0

Note: Seasonally-adjusted unemployment rate in % and new jobs in thousands.
Source: Australian Bureau of Statistics.


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