Australia’s employment report for May has just been released, and it smashed expectations.
According to the ABS the economy generated a whopping 42,038 jobs during the month, well above expectations for an increase of 15,000. 14,700 of those were full time while 27,338 part time. As a result of the labour force increasing by a smaller 20,100, the number of unemployed persons fell by 21,972.
Not only did the number of unemployed fall substantially, total employment jumped to 11,759,600, an all-time record high.
Here’s a chart showing the monthly change in employment, unemployment and the size of the labour market.