Australia: Unemployment rate drops in April
May 10, 2012
In April, the labour market added 15,500 jobs over the previous month in seasonally adjusted terms, which was a moderation compared to the 37,600 new hires in March (previously reported: +44,900 jobs) but defied market expectations that 5,500 jobs would be lost. The reading reflected a strong increase in part-time positions (+26,000), which more than compensated for a drop in full-time jobs (+10,500). Meanwhile, the number of total job seekers dropped by 28,800 persons in April (March: -3,600). As a result, the unemployment rate fell from 5.2% in March to 4.9%, contrasting market expectations of a 5.3% rate and marking the lowest reading in a year.
Author: Armando Ciccarelli, Head of Data Solutions