The FINANCIAL — Unemployment fell to the lowest level in a year in May, on the back of a higher-than-expected increase in full-time and part-time work, according to Nasdaq.
The jobless rate fell to a lower-than-expected 6.0% from a downwardly revised 6.1% in April, government figures on June 11 showed. Economists had expected the unemployment rate to remain unchanged from the original April figure of 6.2%.
The number of people employed jumped by 42,000, compared with an expected 12,500 increase, the Australian Bureau of Statistics said.
The number of people in full-time work rose by 14,700, while those in part-time employment increased by 27,300. The bureau said the workforce participation rate was unchanged at 64.7%.
The numbers coincide with recent data showing that business confidence had improved this month following a government budget in early May that gave companies significant tax concessions and other incentives.
The data also comes a day after Australia’s central bank Gov. Glenn Stevens said sub-par economic growth was likely to persist for some time as the economy struggles through a sharp mining-investment downturn.
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