Australia: Unemployment rate inches up in May
June 7, 2012
In May, the labour market added 38,900 jobs over the previous month in seasonally adjusted terms, which was up from the 7,000 new hires in April (previously reported: +37,600 jobs) and defied market expectations that 5,000 jobs would be lost. The reading reflected a strong increase in full-time positions (+46,100), which more than compensated for a drop in part-time jobs (-7,200). Meanwhile, the number of total job seekers increased by 22,400 persons in May (April: -27,500). As a result, the unemployment rate inched up from 5.0% in April to 5.1%, matching market expectations.
Author: Armando Ciccarelli, Head of Data Solutions