Australia: Unemployment stable in May for a third consecutive month
June 9, 2011
In May, the economy added 7,800 jobs in seasonally-adjusted terms, which contrasted the loss of 29,500 jobs (previously reported: -22,100) in April but came short of market expectations that an additional 25,000 jobs would be created. The May reading comprised a significant reduction in the number of full-time jobs (-22,000), which was more than offset by the increase in part-time positions (+29,800 jobs). Meanwhile, the number of total job seekers rose by 8,900 in May, marking the first increase in the number of unemployed after three consecutive drops. Finally, the unemployment rate was unchanged at 4.9% for a third consecutive month, matching market expectations.
Author: Armando Ciccarelli, Head of Data Solutions