May 2021

May 2021

June 17, 2021

Seasonally adjusted employment surged by 115.2k in May, following a 30.7k fall in April. The result was well above the consensus market expectation for a 30k rise.

The unemployment rate dropped 0.4ppts to 5.1% in May, which is still markedly above the RBA’s estimate of the non-accelerating inflation rate of unemployment (NAIRU) of somewhere below 4.5%.

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