Jobs
Australia’s Unemployment Rate Drops to 4% as Hiring Persists
- Employment increase in May was led by full-time positions
- Money markets pare bets on rate cut this year to about 30%
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Australian unemployment dipped last month and job gains exceeded estimates, highlighting the resilience of the country’s labor market to elevated interest rates and high immigration.
The economy added 39,700 roles — driven by full-time jobs — versus a forecast 30,000 gain, official data showed Thursday. The jobless rate edged down to 4% in May from 4.1%, driven by a large cohort who had been waiting to start work in the previous survey, the ABS said.