Australia: Unemployment rate stable in April
May 7, 2014
In April, the labor market created 14,200 new jobs compared to the previous month in seasonally-adjusted terms, which was down from the revised 21,900 jobs created in March (previously reported: 18,100 jobs created). The figure reflected a strong expansion in full-time positions (14,200 jobs created), whereas part-time employment was virtually unchanged.
The participation rate declined to 64.7%, which marks the lowest level in three months (March: 64.8%). The labor market participation rate has been declining since the beginning of the global financial crisis and now sits at the same level that was registered in January 2007. April's net job creation combined with the reduction in participation rates meant that the unemployment rate didn't increase in April and instead remained stable at March's 5.8%, which had marked the lowest level since November 2013.
FocusEconomics panelists expect the unemployment rate to average 5.9% in 2014, which is unchanged from last month's forecast. In 2015, the panel expects the unemployment rate to inch down to 5.8%.