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Financial News: Australia Unemployment Rate Slips To 5.5% In April

Australia Unemployment Rate Slips To 5.5% In April

05/19/2021 - 22:15:00 (RTTNews)

(RTTNews) - The jobless rate in Australia came in at a seasonally adjusted 5.5 percent in April, the Australian Bureau of Statistics said on Thursday.

That was beneath expectation for 5.6 percent and down from the upwardly revised 5.7 percent in March (originally 5.6 percent).

The Australian economy lost 30,600 jobs to 13,040,400 last month, well shy of expectations for a gain of 15,000 jobs following the addition of 70,700 jobs in March.

The participation rate fell to 66.0 percent, missing forecasts for 66.3 - which would have been unchanged from the previous month. It fell 0.1 pts for men (to 70.8 percent) and 0.5 pts for women (to 61.3 percent). It increased 2.4 pts since April 2020 and is 0.1 pts higher than March 2020.

Over the year to April 2021, employment increased 637,900 people (5.1 percent). Employment has increased by 45,900 people (0.4 percent) above March 2020.

Full-time employment increased by 33,800 to 8,889,500 people, and part-time employment decreased by 64,400 to 4,150,900 people Over the year to April 2021, full-time employment increased by 249,600 people and part-time employment increased by 388,300 people.

Since March 2020, full-time employment has increased by 24,600 people and part-time employment has increased by 21,300 people. The part-time share of employment is 31.8 percent, the same as March 2020, and 1.5 pts higher than April 2020

Monthly hours worked in all jobs fell 13 million hours (0.7 percent) to 1,793 million hours from 1,806 million hours in March 2021. They increased by 12.5 percent over the year, which is larger than 5.1 percent increase in employed people.

The underemployment rate decreased by 0.2 pts to 7.8 percent from March 2021. The underemployment rate is 5.9 pts lower than April 2020, and 1.0 pts lower than March 2020. The underutilization rate decreased by 0.4 pts to 13.3 percent from March 2021.

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