/ 16 June 2023

A record number of Aussies in jobs

Image source: iStock
Image source: iStock

Economists reckon another interest rate hike next month is on like Donkey Kiing after stronger-than-expected unemployment figures were released yesterday. The latest data from the Bureau of Stats saw the jobless rate drop 0.1% to 3.6% after nearly 76,000 jobs were added to the economy in May – well above predictions of 15,000 new jobs. It means the national participation rate – which measures Aussies aged 15yo+ who are working/seeking work – jumped to a record high of 66.9%, driven by more women joining the workforce. Alongside a boost to migration, it means a record 14 million of us are now employed. It could see the Reserve Bank hike the official cash rate again – but analysts say inflation data due later this month will be the deciding factor. And as our Kiwi friends across the ditch fall into recession, there’s still a lot of uncertainty ahead…

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