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Australia Unemployment May 2024

Australia: Unemployment rate ticks down in May

Seasonally adjusted employment rose by 39,700 in May, following 38,500 jobs created in April and beating market expectations. May’s result was driven by an increase in both part-time and full-time employment.

The seasonally adjusted unemployment rate ticked down to 4.0% in May from 4.1% in April. Meanwhile, both the participation and the seasonally adjusted underemployment rates came in at April’s 66.8% and 6.7%, respectively.

Commenting on the reading, ING’s Robert Carnell stated:

“Having hit a soft-patch at the end of 2023, the Australian labour market is currently ticking along at a modest pace. It wouldn’t take a lot to tip it into a weaker trajectory, but equally, there is also some potential for upside and the net picture is more positive than negative.”

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