Australian labour market report for May 2023 - huge beats will ignite speculation the Reserve Bank of Australia have more rate hikes still ahead.
Employment Change: +75.9K
- expected +15K, prior -4.3K
Unemployment Rate: 3.6%
- expected 3.7%, prior 3.7%
Full-Time Employment Change: +61.7K
- prior was -27.1K
Part-Time Employment Change: +14.2K
- prior was +22.8K
Participation Rate: 66.9% (at a record high)
- expected 66.7%, prior was 66.7%
Via the Australian Bureau of Statistics, first the 'trend' numbers. These vary a little from the seasonally adjusted numbers reported above
In trend terms, in May 2023:
- unemployment rate remained at 3.5%.
- participation rate remained at 66.8%.
- employment increased to 14,003,400.
- employment to population ratio remained at 64.4%
- underemployment rate increased to 6.3%.
- monthly hours worked increased to 1,944 million.
Adding in more for the seasonally adjusted terms, in May 2023:
- employment increased to 14,011,800.
- employment to population ratio increased to 64.5% (at a record high)
- underemployment rate increased to 6.4%.
- monthly hours worked decreased to 1,944 million.
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So, Australia has hot inflation and a hot labour market. RBA sweating on this. Rate hike incoming at the July meeting, on the 4th.
