Australia labour market, jobs report, for May ... HUGE beats
Employment Change: +115.2K
expected +30K, prior -30.6K
Unemployment Rate: 5.1%, much lower despite a higher participatiion rate
expected 5.5%, prior 5.5%
Full-Time Employment Change: +97.5K
prior was +33.8K
Part-Time Employment Change: +17.7K
prior was -64.4K
Participation Rate: 66.2%
expected 66.1%, prior was 66.0%
Big job gains. Good news for the economy. If wage gains were evident also (they are curently not) the RBA would be happy as that'd be a move towards hitting their inflaiton goal also (eventually). Employment is now above its pre-pandemic highest level .
More (adding to the good news in this release):
- Underemployment has fallen to its lowest since 2014 at 7.4%
- Underutilisation rate down to 12.5%, lowest since 2013
- Hours worked +1.4% (prior -0.7%)
AUD/USD added half a cent or so, as I update its come back a little, still higher after the data release though.
