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Australia Unemployment May 2023

Australia: Unemployment rate dips in May

Seasonally-adjusted employment rose by 75,900 in May, following 4,000 jobs shed in April. May’s result was driven by an increase in both full-time and part-time employment.

Meanwhile, the seasonally-adjusted unemployment rate dropped to 3.6% from April’s 3.7%. However, the seasonally-adjusted underemployment rose to 6.4% in May from 6.2% in April, while the participation rate rose to 66.9% from April’s 66.7%.

Commenting on the release, Lee Sue Ann, economist at UOB, stated:

“Given the latest jobs numbers, however, the extended period of inflation above target amidst a tight labour market poses the risk of stronger wage and price expectations becoming embedded. As such, there are risks that inflation may remain higher for longer.”

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