Australian Unemployment Rate Falls to 4.0% in May, Employment Rises,

Australia, Police

Article: According to the latest data released by the Australian Bureau of Statistics (ABS), the seasonally adjusted unemployment rate in Australia fell by 0.

May.

This decline can be attributed to the rise in employment by approximately 40,000 people and a decrease in the number of unemployed by 9,000 people.

Bjorn Jarvis, ABS head of labour statistics, highlighted that some of this decrease can be attributed to individuals starting or returning to their jobs after waiting due to the pandemic.

Although the total number of unemployed individuals has fallen by 110,000 since March 2020, there are still nearly 600,000 unemployed people in the country.

The seasonally adjusted employment-to-population ratio and participation rate remained steady at 64.

These rates continue to surpass pre-pandemic levels, indicating a relatively tight labor market.

In terms of hours worked, there was a 0.

May, partly influenced by employed individuals working reduced hours due to illness.

The underemployment rate remained steady at 6.

Although these rates have slightly increased since May 2023, they are still significantly lower than in March 2020.

In trend terms, the unemployment rate rose to 4.

May, indicating a slight increase compared to April.

However, employment growth remains higher than the pre-pandemic average, with a 0.

The employment-to-population ratio and participation rate remained at historically high levels, still surpassing the levels seen in March 2020.

The ABS notes that the participation rate has remained particularly high for women, at 62.

The participation rate for men also remains high, at 70.

Overall, the labor market in Australia shows signs of recovery as employment continues to rise and unemployment rates decline.

The ABS will provide further insights in the upcoming May 2024 issue of Labour Force, Australia, Detailed, on Thursday 20 June 2024.

Source