Data published by the Australian Bureau of Statistics (ABS) showed that the number of people employed rose markedly in May, exceeding economists' forecasts, while the unemployment rate fell slightly. Overall, the data indicated that the labor market remains resilient to high interest rates and weak consumer demand.
According to the report, the number of employees rose by 39,700 after an increase of 37,400 in April (revised from 38,500). Economists had expected an increase of 27,500. Full-time employment increased by 41,700 to 9.90 million, while part-time employment fell by 2,100, to 4.46 million. Compared to May 2023, total employment increased by 354,900. Meanwhile, the unemployment rate decreased by 0.1% to 4.0%, which is in line with market forecasts. The number of unemployed decreased by 9,200 to 598,900. The number of people looking for part-time jobs fell by 18,700, to 199,600, while the number of those looking for full-time jobs increased by 9,600, to 399,300. The participation rate stood at a 6-month high of 66.8%, while economists expected a decrease to 66.7%. Monthly hours in all jobs decreased in May by 9 million or 0.5% to 1,951 million.