MNI BRIEF: Aussie Unemployment At 4.1% In May, Employment Weak

Australia’s unemployment rate in May printed at 4.1%, unchanged from April and inline with expectations, while employment contracted by 2,500, below the 21,000 roles expected and down from April’s 89,000 result, data from the Australian Bureau of Statistics showed Thursday. 

"Despite employment falling by 2,000 people this month, it’s up 2.3% compared to May 2024, which is stronger than the pre-pandemic, 10-year average annual growth of 1.7%,” said Sean Crick, head of labour statistics at the ABS. "This fall in employment, combined with a drop in unemployment of 3,000 people, meant that the unemployment rate remained steady at 4.1% for May."  

The Reserve Bank of Australia expects unemployment to print at 4.2% by the June quarter and reach 4.3% by December. (See MNI RBA WATCH: Board's Dovish Turn Included Debate Of 50bp Cut)