Unemployment rate falls but fewer full-time jobs

Australia’s unemployment rate fell to 5.4 per cent in May, beating market expectations of no change – but there were fewer people in full-time jobs.

The seasonally adjusted unemployment rate fell to 5.4 per cent from 5.6 per cent in April, figures from the Australian Bureau of Statistics show.

Employment grew by 12,000 jobs and the participation rate dropped by 0.2 points to 65.5 per cent.

Most economists were expecting an increase of 19,000 jobs and an unemployment rate in line with April’s 5.6 per cent.

Full-time employment decreased by 20,600 jobs while part-time work grew by 32,600 jobs. Monthly hours worked in all roles dropped by 24.2 million hours, or 1.4 per cent.

The most jobs were created in Victoria, up 22,100, followed by Queensland, with 5000 more people in work and NSW, up 2800.

Western Australia suffered the largest drop in employment, with 1900 fewer people in work.

The ABS figures come on the same day employment ads company SEEK said it had 10.7 per cent more job ads in May compared with the same month last year. Resources, government and defence were among areas experiencing the highest growth.

Source: The New Daily

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