FOREX TradingCharts.com

Financial News: Australia Jobless Rate Falls To 4.0%

Australia Jobless Rate Falls To 4.0%

06/13/2024 - 02:21:00 (RTTNews)

(RTTNews) - Australia's unemployment rate dropped in May and employment increased notably, suggesting that the labor market is relatively tight, official data revealed on Thursday.

The jobless rate fell to 4.0 percent in May, as expected, from 4.1 percent in April, the Australian Bureau of Statistics said.

The number of people out of work decreased by 9,200 in May, reversing an increase of 33,000 in April.

At the same time, employment increased 39,700 from the previous month, much stronger than the expected growth of 30,000.

The participation rate held steady at 66.8 percent in May, while the rate was seen at 66.7 percent.

"In April we saw more unemployed people than usual waiting to start work," ABS head of labour statistics Bjorn Jarvis said. "Some of the fall in unemployment and rise in employment in May reflects these people starting or returning to their jobs," said Jarvis.

The employment-to-population ratio and participation rate continued to be much higher than their pre-pandemic levels, Jarvis noted.

"Together with elevated levels of job vacancies, this suggests the labour market remains relatively tight, though less than in late 2022 and early 2023," Jarvis added.

Further, data showed that full-time employment increased by 41,700, while part-time employment decreased 2,100. Capital Economics' economist Abhijit Surya said the unemployment rate fell anew in May but leading indicators continued to point to a marked increase in the months ahead.

The economist said data indicates that the Reserve Bank will remain in its "wait and see" mode for the time being.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Malaysia Economy Expands At Fastest Pace Since Late 2022 (07 min(s), 46 sec(s) ago)
(RTTNews) - Malaysia's economy posted its fastest growth in six quarters with strong support f ...Full Story»

Eurozone Inflation Expectations Remain Unchanged (39 min(s), 46 sec(s) ago)
(RTTNews) - Eurozone inflation expectations for this year and next year remained unchanged, the Su ...Full Story»

Philly Fed Index Jumps Much More Than Expected In July (04 min(s), 46 sec(s) ago)
(RTTNews) - The Federal Reserve Bank of Philadelphia released a report on Thursday showing growth ...Full Story»

Philly Fed Index Indicates More Widespread Growth In July (04 min(s), 46 sec(s) ago)
(RTTNews) - The Federal Reserve Bank of Philadelphia released a report on Thursday showing growth ...Full Story»

Italy Current Account Surplus Rises In May (10 min(s), 46 sec(s) ago)
(RTTNews) - Italy's current account surplus increased in May from the previous year, the Bank ...Full Story»

UK Government Borrowings Overshoot Estimate (39 min(s), 46 sec(s) ago)
(RTTNews) - The bigger-than-expected UK public sector net borrowing in June highlights the challen ...Full Story»

Eurozone Current Account Surplus Remains Unchanged (28 min(s), 14 sec(s) ago)
(RTTNews) - The euro area current account surplus remained unchanged in May, the European Central ...Full Story»

Spain Trade Gap Narrows In May (37 min(s), 14 sec(s) ago)
(RTTNews) - Spain's foreign trade deficit decreased in May from a year ago as exports rose ami ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Malaysia Economy Expands At Fastest Pace Since Late 2022

07/19/2024 - 08:54 AM (RTTNews)
(RTTNews) - Malaysia's economy posted its fastest growth in six quarters with strong support f ...Full Story>>

Eurozone Inflation Expectations Remain Unchanged

07/19/2024 - 08:26 AM (RTTNews)
(RTTNews) - Eurozone inflation expectations for this year and next year remained unchanged, the Su ...Full Story>>

Philly Fed Index Indicates More Widespread Growth In July

07/19/2024 - 07:51 AM (RTTNews)
(RTTNews) - The Federal Reserve Bank of Philadelphia released a report on Thursday showing growth ...Full Story>>

Philly Fed Index Jumps Much More Than Expected In July

07/19/2024 - 07:51 AM (RTTNews)
(RTTNews) - The Federal Reserve Bank of Philadelphia released a report on Thursday showing growth ...Full Story>>

Italy Current Account Surplus Rises In May

07/19/2024 - 06:57 AM (RTTNews)
(RTTNews) - Italy's current account surplus increased in May from the previous year, the Bank ...Full Story>>

Do not sell my personal information

Copyright © 2024. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.