Australia: Unemployment rate drops in April
Seasonally-adjusted employment decreased by 30,600 in April, following 77,000 jobs gain in March and surprising markets on the downside. April’s result was driven by a decrease in part-time employment more than outweighing increasing full-time employment.
Meanwhile, the seasonally-adjusted unemployment rate dropped to 5.5% in April, from March’s 5.7%, logging the lowest reading since March 2020 and markedly down from the 7.5% peak reached in July 2020. Moreover, the seasonally-adjusted underemployment rate dropped from 8.0% in March to 7.8%. However, the participation rate decreased to 66.0% from the previous month’s 66.3%.