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Unemployment falls after surge in full-time jobs
Australia’s unemployment rate has fallen for the third consecutive month, according to new data released today.
The national unemployment rate fell to 5.5 per cent in May, the Australian Bureau of Statistics has revealed. That compares to 5.7 per cent in April and 5.9 per cent in March.
Employers added 42,000 net jobs between April and May, with full-time employment increasing by 52,100 and part-time employment decreasing by 10,100.
Between May 2016 and May 2017, full-time employment increased by 148,000, while part-time employment increased by 84,800.
| May 2017 | Monthly change | Quarterly change | Annual change | |
|---|---|---|---|---|
| Employed persons | 12.1 million | 0.3% | 1.3% | 1.9% |
| Unemployed persons | 731,000 | -2.5% | -4.8% | -2.0% |
| Unemployment rate | 5.5% | -0.2 points | -0.4 points | -0.2 points |
| Participation rate | 64.9% | 0.1 points | 0.3 points | 0.1 points |
State-by-state breakdown
Looking at Australia on a regional basis, the lowest unemployment rates were in the territories.
The Northern Territory led the way on 3.2 per cent, followed by the ACT on 3.5 per cent.
South Australia had the highest unemployment rate, at 6.9 per cent, but this was an improvement from the April result, which was 7.3 per cent.
Between May 2016 and May 2017, the biggest improvement was recorded by the Northern Territory, where unemployment fell from 4.1 per cent to 3.2 per cent.
The only state to go backwards during that time was Victoria, where unemployment rose from 5.8 per cent to 6.0 per cent.
| Region | May 2017 | April 2017 | February 2017 | May 2016 |
|---|---|---|---|---|
| NSW | 4.8% | 4.7% | 5.2% | 5.2% |
| Victoria | 6.0% | 6.1% | 6.1% | 5.8% |
| Queensland | 6.1% | 6.3% | 6.7% | 6.4% |
| SA | 6.9% | 7.3% | 6.6% | 6.9% |
| WA | 5.5% | 5.9% | 6.0% | 5.7% |
| Tasmania | 6.1% | 5.9% | 5.8% | 6.5% |
| NT | 3.2% | 3.3% | 3.5% | 4.1% |
| ACT | 3.5% | 3.6% | 3.8% | 3.8% |
Disclaimer
This article is over two years old, last updated on June 15, 2017. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent savings accounts articles.
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