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Financial News: Australia Jobless Rate Eases To 5.4% In May

Australia Jobless Rate Eases To 5.4% In May

06/13/2018 - 22:30:00 (RTTNews)

(RTTNews) - The unemployment rate in Australia came in at a seasonally adjusted 5.4 percent in May, the Australian Bureau of Statistics said on Thursday.

That was below expectations for 5.5 percent and down from 5.6 percent in April.

The Australian economy added 12,000 jobs last month to 12,518,300 - shy of expectations for 19,000 following the addition of 22,600 a month earlier.

Full-time employment decreased 20,600 to 8,521,400 and part-time employment increased 32,600 to 3,996,900.

Unemployment decreased 26,800 to 714,600. The number of unemployed persons looking for full-time work decreased 11,200 to 494,300 and the number of unemployed persons only looking for part-time work decreased 15,600 to 220,300.

The participation rate dipped to 65.5 percent, below expectations for 65.6 percent and down from 65.7 percent in April.

Monthly hours worked in all jobs decreased 24.2 million hours (1.4 percent) to 1,738.8 million hours.

The labor force underemployment rate increased by 0.1 pts to 8.5 percent. The underutilization rate remained steady at 13.9 percent.

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