ABS provided update on unemployment rate for May 2022

Australian Bureau of Statistics (ABS) has provided an update on unemployment rate. In May 2022, the seasonally adjusted unemployment rate remained at 3.9%.

Seasonally adjusted employment grew 0.5% in May 2022. This increase was the 7th consecutive surge in employment, subsequent the relaxation of lockdown restrictions in late 2021. The average employment growth over the previous 3 months continues to be robust compared to the pre-pandemic trend of ~ 20,000 people per month.

The employment to population ratio improved to 64.1% in May. It was an all-time high and 1.6 percentage points higher than March 2020. Further, It was also an all-time high for people in the age group of 15 and 64 years.

Seasonally adjusted hours worked improved by 0.9% during the month, following a 1.3% increase in April 2022.

Other than this, ABS also updated that underemployment rate dropped 0.4 percentage points to 5.7%. It was the lowest rate since August 2008. Also, underutilisation rate which include unemployment and underemployment rates dropped 0.3 percentage points to 9.6%.

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