June 13th 2024.
Last month, Australia experienced a slight decrease in its unemployment rate, dropping by 0.1 per cent. This positive change can be attributed to the addition of 40,000 new jobs to the economy. According to the latest statistics from the Australian Bureau of Statistics, the jobless rate for May now stands at 4 per cent, a slight improvement from April's rate of 4.1 per cent.
Bjorn Jarvis, the head of labour statistics at ABS, shared his insights on the recent developments. He noted, "The rise in employment by approximately 40,000 individuals and the decrease of 9000 unemployed individuals led to the decline in the unemployment rate to 4.0 per cent." Jarvis also explained that the increase in employment can be partly attributed to individuals returning to their jobs after a temporary break, as seen in April.
While the number of unemployed individuals decreased by 9000 in May, this came after a significant increase of 33,000 in April. In fact, compared to March, there were around 24,000 more unemployed individuals in May, with an average of 12,000 individuals added to the unemployment pool every month. However, there is still a silver lining amidst these numbers. The current number of unemployed individuals stands at almost 600,000, which is almost 110,000 fewer than March 2020, just before the pandemic hit.
This positive trend in the labor market is a promising sign for Australia's economy. With more jobs being added and individuals returning to work, the unemployment rate is gradually decreasing. Stay tuned for more updates on this matter.
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