ABS Unemployment Rate
Mixed bag with a fall in the seasonal headline rate to 5.3%. Some rotational impact from the way the ABS calculates the unemployment rate making it look better. Pretty much in line though with expectations.
TREND ESTIMATES (MONTHLY CHANGE)
- Employment increased 26,900 to 12,581,600.
- Unemployment decreased 1,300 to 713,000.
- Unemployment rate remained steady at 5.4%.
- Participation rate remained steady at 65.5%.
- Monthly hours worked in all jobs increased 3.1 million hours (0.2%) to 1,748.0 million hours.
SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)
- Employment decreased 3,900 to 12,575,200. Full-time employment increased 19,300 to 8,587,500 and part-time employment decreased 23,200 to 3,987,700.
- Unemployment decreased 5,700 to 706,000. The number of unemployed persons looking for full-time work increased 2,300 to 504,100 and the number of unemployed persons only looking for part-time work decreased 8,000 to 201,900.
- Unemployment rate decreased by less than 0.1 pts to 5.3%.
- Participation rate decreased by 0.1 pts to 65.5%.
- Monthly hours worked in all jobs increased 4.0 million hours (0.2%) to 1,749.6 million hours.
The average weekly ordinary time earnings for full-time adults in Australia in May 2018 was $1,585.30.
Mining sector still the best paid. Food/retail services the worst.