Australian May employment report slightly better-than-expected

Australian May employment report came slightly better-than-expected, with the employmet change at +17.9k vs 15k exp and 10.8k prior, with full time job creation flat at 0, while part time jobs came at 17.9k. The participation rate decreased to 64.8%, while the unemployment rate was stable at 5.7%.

MAY KEY POINTS

TREND ESTIMATES (MONTHLY CHANGE)

• Employment increased 3,700 to 11,919,400.
• Unemployment decreased 2,200 to 724,300.
• Unemployment rate remained steady at 5.7%.
• Participation rate decreased by 0.1 pts to 64.8%.
• Monthly hours worked in all jobs decreased 2.3 million hours to 1,632.1 million hours.

SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)

• Employment increased 17,900 to 11,930,700. Full-time employment remained steady at 8,156,500 and part-time employment increased 17,900 to 3,774,200.
• Unemployment increased 1,600 to 726,400. The number of unemployed persons looking for full-time work decreased 6,200 to 509,200 and the number of unemployed persons only looking for part-time work increased 7,800 to 217,200.
• Unemployment rate remained steady at 5.7%.
• Participation rate remained steady at 64.8%.
• Monthly hours worked in all jobs increased 27.7 million hours to 1,643.1 million hours.

LABOUR UNDERUTILISATION (QUARTERLY CHANGE)

• Trend estimates: The labour force underutilisation rate decreased by less than 0.1 pts, remaining steady at 14.2%.
• Seasonally adjusted estimates: The labour force underutilisation rate increased by 0.1 pts to 14.2%.