STRONG GROWTH IN FULL-TIME JOBS A SILVER LINING IN SHOCK AUSTRALIAN EMPLOYMENT REPORT

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The Australian economy shed 4,800 jobs in May, a big miss on market expectations for a 10,000 increase.

The unemployment rate was steady at 5.8%, seasonally adjusted.

Importantly, however, full-time jobs increased 22,200, against a decline of 27,000 in part-time employment.

Here are the seasonally adjusted estimates:

Employment decreased 4,800 to 11,564,600. Full-time employment increased 22,200 to 8,068,300 and part-time employment decreased 27,000 to 3,496,200.

Unemployment increased 3,200 to 717,100. The number of unemployed persons looking for full-time work increased 9,000 to 529,700 and the number of unemployed persons only looking for part-time work decreased 5,900 to 187,400.

The unemployment rate was unchanged at 5.8%.

Participation rate decreased 0.1 pts to 64.6%.

Aggregate monthly hours worked increased 26.5 million hours (1.7%) to 1 ,604.5 million hours.

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