Another strong labour market report

The Australian labour market strengthened again in May. Employment lifted by 60,600 (with an increase in full-time positions of 69,400) and the unemployment rate remained steady at 3.9%. The fact that hours worked per capital rose by 0.8% m/m and now sits at a 11-year high of 88 hrs/capita indicates the ongoing tightness in the labour market.

This result will certainly elevate of the chance of the RBA lifting rates by another 50bps in July.

In Queensland we also saw a strong result. Employment lifted by 46,600 (although only 19,900 were full-time) and, even though participation lifted to a more-than-10-year high of 67.2, the unemployment rate fell back to 4.0%.

Hours worked per capita were very strong; up 2.1% m/m and now at an almost-9-year high of 90.5 hrs/capita.

Next Thursday we shall get the latest release of ABS original regional labour force data at which point we shall be updating the Conus/CBC Staff Selection Trend and s.a. series.

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