Australia's Unemployment Rate Holds Steady
By James Glynn
SYDNEY--Australia's unemployment held steady in May, easing concern over a fading mining-investment boom that has been slowing the economy.
The jobless rate stayed at a seasonally adjusted 5.8% in May, the Australian Bureau of Statistics said Thursday. Economists had expected unemployment to rise to 5.9%.
The number of people employed fell by 4,800, compared with the 10,000 rise expected by economists. The number of people in full-time work rose by 22,200, while those in part-time work fell by 27,000.
The bureau said its seasonally adjusted workforce-participation rate--the proportion of working-age people at work or actively seeking it--fell to 64.6% in May from 64.7% in April.
Interest rates in Australia have been cut to record lows as the central bank has moved to cushion the economy against a slowdown in mining investment from record levels.
Unemployment has drifted higher over the past year, reaching its highest level in a decade at the start of the year. Recent job-market indicators have pointed to an improvement in hiring, but population growth is also strong, leaving the unemployment rate elevated.
Write to James Glynn at james.glynn@wsj.com
(END) Dow Jones Newswires
June 11, 2014 21:45 ET (01:45 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.DN201406110134522014-06-12 01:45:00.0006TG7I72O2E1NI16UTS4R1BGAMPDJNF
By James Glynn
SYDNEY--Australia's unemployment held steady in May, easing concern over a fading mining-investment boom that has been slowing the economy.
The jobless rate stayed at a seasonally adjusted 5.8% in May, the Australian Bureau of Statistics said Thursday. Economists had expected unemployment to rise to 5.9%.
The number of people employed fell by 4,800, compared with the 10,000 rise expected by economists. The number of people in full-time work rose by 22,200, while those in part-time work fell by 27,000.
The bureau said its seasonally adjusted workforce-participation rate--the proportion of working-age people at work or actively seeking it--fell to 64.6% in May from 64.7% in April.
Interest rates in Australia have been cut to record lows as the central bank has moved to cushion the economy against a slowdown in mining investment from record levels.
Unemployment has drifted higher over the past year, reaching its highest level in a decade at the start of the year. Recent job-market indicators have pointed to an improvement in hiring, but population growth is also strong, leaving the unemployment rate elevated.
Write to James Glynn at james.glynn@wsj.com
(END) Dow Jones Newswires
June 11, 2014 21:45 ET (01:45 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.DN201406110134522014-06-12 01:45:00.0006TG7I72O2E1NI16UTS4R1BGAMPDJNF
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