MNI BRIEF: Aussie Unemployment Steady At 4.1%

The unemployment rate held steady at 4.1% over April, in line with expectations, while employment increased by 89,000, higher than the 22,000 jobs expected, data from the Australian bureau of statistics showed Thursday. 

Employment has grown by 390,000 people, or 2.7%, over the year, higher than the population growth rate for people aged 15 years and over, which was 2.1% over the same period, the ABS noted.

“The participation rate for 35-44 year olds had the largest annual growth, up 1.9 percentage points to 88.3%,” said Sean Crick, head of labour statistics at the ABS. 

The Reserve Bank of Australia is largely expected to reduce the 4.1% cash rate 25 basis points when it meets next week amid growing global uncertainty. (See MNI: RBA To Chart Neutral Path As Global Concerns Mount)