SYDNEY — Australia’s labor market showed signs of renewed strength in May, with employment figures bouncing back and the unemployment rate retreating from its highest level in more than four years, according to data released Thursday.
Numbers from the Australian Bureau of Statistics revealed a net gain of 40,300 jobs in May, reversing the prior month’s decline. April’s job losses were revised to 40,600 — a steeper drop than originally reported. Despite the revision, May’s rebound came in ahead of what analysts had anticipated, with market forecasts calling for a gain of around 30,000 positions.
The unemployment rate slipped to 4.4% in May, down from 4.5% in April, in line with expectations. The participation rate — which measures the share of the population either working or actively looking for work — ticked up slightly to 66.7%. On the downside, total hours worked dropped by a notable 1.1% during the month.
The stronger-than-expected employment data could give policymakers grounds to consider additional interest rate increases if economic conditions call for it.
