Global Economic News

Australia Unemployment Rate Drops To 6.0% In May

The unemployment rate in Australia came in at a seasonally adjusted 6.0 percent in May, the Australian Bureau of Statistics said on Thursday.

That was lower than estimates for 6.2 percent and was down from a revised 6.1 percent in April (originally 6.2 percent).

The Australian economy added 42,000 jobs in May to 11,759,600 - easily topping forecasts for an increase of 15,000 jobs following the loss of 2,900 jobs in the previous month.

Full-time employment increased 14,700 to 8,128,600 and part-time employment increased 27,300 to 3,630,900.

The participation rate was steady at 64.7 percent following a downward revision in April from 64.8 percent.

Unemployment decreased 22,000 to 745,200. The number of unemployed persons looking for full-time work decreased 23,500 to 514,500 and the number of unemployed persons only looking for part-time work increased 1,500 to 230,800.

Aggregate monthly hours worked increased 2.2 million hours (0.1 percent) to 1,631.8 million hours from a revised April estimate.

The labor force underutilization rate eased 0.4 pts to 14.5 percent. The male labor force underutilization rate fell 0.4 pts to 12.5 percent, while the female labor force underutilization rate dipped 0.4 pts to 16.7 percent.

by RTTNews Staff Writer

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