The national jobless rate declined by 0.1% in May to now be 4% on a seasonally adjusted basis.
South Australia’s unemployment rate also lowered, though by 0.2% to now be 4% as well. This decrease in unemployment back to the national rate comes after last month when SA had the equal highest unemployment rate in the country.
The jobs growth was down to an increase of 41,700 full-time jobs, while part-time jobs declined slightly. It is further evidence that businesses and labour markets are continuing to withstand interest rate increases well to this point.
The ABS say that the data “suggests the labour market remains relatively tight, though less than in late 2022 and early 2023.” Job vacancy data for the quarter will be released later this month which will shed further light on conditions.
The Reserve Bank, who have said they “won’t hesitate” to raise interest rates if needed will hold their next board meeting early next week where it is expected the cash rate will remain unchanged at 4.35%.
