The May unemployment rate remained unchanged at 5.8%, with 22,000 full time jobs added to the economy despite a 27,000 loss in part time jobs, according to the Australian Bureau of Statistics. The Reserve Bank will not make any changes to the interest rate upon hearing the news, citing the high Australian dollar and slow economic activity as factors in their decision.
The recent results are more than the forecast of 10,000 new jobs, but the drop in the participation rate is offsetting the numbers of jobs added, dropping to 64.6% as opposed to 64.7% for the previous month. The younger generations are also having trouble looking for a job, where there are 126,000 fewer jobs for people under 25.
Read more about this on the Sydney Morning Herald website.