Australia Jobless Rate Down To 51-Month Low Of 5.5%
Australia's seasonally adjusted unemployment rate unexpectedly fell to 5.5 percent in May of 2017 from 5.7 percent in April and below market estimates of 5.7 percent. It was the lowest jobless rate since February 2013, as the economy added 42,000 jobs while the number of unemployed declined by 18,600.
In May, the seasonally adjusted labour force participation rate increased to a 10-month high of 64.9 percent from 64.8 percent in the previous period, while the market expected 64.8 percent.
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Employment increased by 42,000 to 12,152,600, exceeding market estimates of a 10,000 increase: full-time employment increased by 52,100 to 8,287,400 while part-time employment decreased by 10,100 to 3,865,200.
Unemployment fell by 18,600 to 711,900. The number of unemployed persons looking for full-time work decreased by 23,000 to 489,300 and the number of unemployed persons only looking for part-time work rose 4,400 to 222,700.
Seasonally adjusted aggregate monthly hours worked in all jobs increased 31.1 million hours (+1.87 percent) to 1,695.3 million hours.