Employment stays low
Australia’s job market continued to strengthen in May, with the unemployment rate remaining at 3.9% for the 3rd month. According to the Bureau of Stats, 60,600 more Aussies were employed last month, all entering full-time work. Workers were also able to pick up more hours as businesses grapple with staff shortages, which saw underemployment fall from 6.1% to a 40-year low of 5.7%. And even though COVID/flu/snot-producing lurgies kept many workers at home, the participation rate reached a record high of 66.7%, up from 66.4% in April. Analysts say the red hot employment market and rising inflation will likely see interest rates increase by 1% in the coming couple of months. That’s good news for former Tassie Liberal Senator/former Employment Minister Eric Abetz, who lost his job yesterday.
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