Australia Unemployment Rate

Australia's seasonally adjusted unemployment rate inched down 4.0% in May 2024 from April's three-month high of 4.1%, aligning with market forecasts. The number of unemployed individuals fell by 9.2 thousand to 598.9 thousand, which is still nearly 110 thousand fewer than before the pandemic, as people looking for part-time jobs dropped 18.7 thousand to 199.6 thousand, while those seeking full-time jobs added by 9.6 thousand to 399.3 thousand. Meanwhile, employment increased 39.7 thousand to 14.4 million, surpassing the consensus of a 30 thousand gain and above a 37.4 thousand rise in April. Full-time employment advanced by 41.7 thousand to 9.90 million, but part-time employment declined by 2.1 thousand to 4.46 million. The participation rate stood at a six-month high of 66.8%, compared with estimates of 66.7%. The underemployment rate stayed at 6.7%, remaining 2.0 points lower than in March 2020. Additionally, monthly hours in all jobs decreased by 9 million or 0.5% to 1,951 million.