Employment figures: Jobless rate beats expectations again, falls to 5.5 per cent
THE jobless rate has beaten expectations yet again, allaying concerns of an economic downturn and spelling good news for the Turnbull government.
Economy
Don't miss out on the headlines from Economy. Followed categories will be added to My News.
THE jobless rate has beaten expectations yet again, allaying concerns of an economic downturn and spelling good news for the Turnbull government.
Labor force figures revealed the unemployment rate for May fell to 5.5 per cent, down from 5.7 per cent in April.
The number of people employed increased by 42,000. Economists originally predicted only a modest rise of 10,000 jobs in the wake of strong figures over the last two months.
Almost 100,000 positions were reportedly filled in April and March. The jobless rate was expected to remain at 5.7 per cent after dropping from 5.9 per cent in April.
RELATED: April employment figures show a drop in jobless rate
However, such apparent strength in the employment market has failed to lift the mood of consumers, concerned about job security and weak wages growth.
A shift towards part-time staff by employers has also left many workers seeking additional employment.
Originally published as Employment figures: Jobless rate beats expectations again, falls to 5.5 per cent
$95k homebuyer boost announced for Aus
Carrying a big student debt and can’t get a mortgage? See how much more you could borrow under new changes.
Huge divide in funding for Aussie schools
Educators have slammed the government over a growing disparity between the funding for private and public schools, issuing the blunt message that “money matters”.