More Aussies on the job
Australia’s unemployment rate fell below pre-pandemic levels, dropping by 0.4% to 5.1% in May. The creation of more than 115,200 jobs (including 97,500 full-time roles) outstripped a significant rise in the participation rate (aka people who say they’re in work or ready to take a job), which is close to a historical high. Also heading in the right direction is underemployment (aka those in work but could do more hours) which fell to a 7-year low of 7.4%. Economist Kristina Clifton said the “fantastic result” shows the job market has “weathered the ending of the JobKeeper payment well”. The figures were released after Reserve Bank boss Philip Lowe said while the jobs market was recovering from the coronavirus recession, wage increases are nowhere to be seen. Some experts say that might come as the fight for workers heats up with international talent locked out thanks to the closed national border.
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