Later this morning the Australian Bureau of Statistics (ABS) will release Australia’s jobs report for May, something that is expected to reveal an acceleration in employment growth following a modest increase in April.
Here’s the state of play.
- In April employment increased by 10,800, leaving the total number of employed Australians at 11.917 million, the highest level on record.
- Full time employment fell by 9,300 workers, following a 10,000 decrease in March. Helping to offset that decline, part time employment rose by 20,200.
- Fitting with the split between full time and part time employment, the total number of hours worked decreased by 17.9 million hours to 1.6138 billion hours.
- The small employment gain, coupled with lower labour market participation which fell 0.1% to 64.8%, saw the national unemployment rate fall to 5.7%, the lowest level seen since September 2013.
- By state, New South Wales recorded the lowest unemployment rate across the country at 5.3%, unchanged from March. It was followed by Victoria and Western Australia at 5.6%, Tasmania at 6.3%, Queensland with 6.5% and South Australia at 6.8%.
- Compared to a year earlier, employment rose by 244,700 workers, an increase of 2.1%.
- Full time employment increased by 83,800, overshadowed by 160,900 gain in part time employment. In percentage terms, part time employment grew by 4.48%, more than four times faster than full time employment which increased by 1.04%.
- By sex, female employment jumped by 164,400 over the same time period, more than doubling that for males which increased by 80,300.
- Looking ahead to today’s report, markets expect employment to increase by 15,000 in May.
- Forecasts offered to Bloomberg range from a decline of 7,000 to an increase of 35,000, underlining the volatile nature of the ABS’ seasonally adjusted figures.
- Labour force participation is tipped to rise to 64.9%, reversing April’s decline, leaving the unemployment rate unchanged at 5.7%.
The ABS is scheduled to release the report at 11.30am AEST.
Business Insider will have full coverage as soon as the data drops.