Australia jobless rate ticked lower in May, full-time jobs slump

Australia unemployment rate ticked lower to 5.4 percent in May, even as the economy added only 12,000 jobs, the latest data published by Australia Bureau of Statistics (ABS) showed this Thursday. The markets were expecting job addition of 18,000.  Employment for the previous month was 22,600 addition.

Meanwhile, full-time jobs came in at -20,600, compared to +32,700 seen in April. Meanwhile, part-time employment rose +32,600 versus -10,000 last. The participation rate dropped to 65.5% in the reported month versus 65.6% previous.

May Key Points (Source: ABS)

Employment increased 15,900 to 12,522,300.

Unemployment decreased 1,500 to 723,700.

Unemployment rate remained steady at 5.5%.

Participation rate decreased by less than 0.1 pts to 65.5%.

Monthly hours worked in all jobs increased 2.8 million hours (0.2%) to 1,747.1 million hours.

Seasonally adjusted estimates (Monthly change)

Employment increased 12,000 to 12,518,300. 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.

Unemployment rate decreased by 0.2 pts to 5.4%.

Participation rate decreased by 0.2 pts to 65.5%.

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