The unemployment rate in Australia has fallen to 5.5% and over 42,000 jobs were created in Australia in May 2017. The estimated amount expected was 10,000 jobs, so these figures easily surpassed that forecast. The number of full-time jobs rose by 52,000, and part-time jobs dropped by 10,000. Australia Immigration Professionals is a private immigration service that works specifically with foreign nationals who want to move to Australia to work and begin life in a new country.
This is the eighth year in a row that Australian employment has risen, with nearly 125,000 new full-time jobs created since September 2016. These results were supported by a small increase in the number of people looking for jobs, and yet, the rate of participation rose from less than 0.1% to 64.9%. According to Australia Immigration Professionals, many people are moving to Australia from all over the world to take advantage of the many new jobs that are available.
Other measures influencing the labour market percentages showed the underemployment rate slightly increased. This is when an employee works fewer hours than preferred, and it edged up only 1.9% over the course of May. “The much-stronger-than-anticipated rise in employment in May and the larger-than-expected fall in the unemployment rate will go some way to quashing growing talk of the chance of another interest rate cut by the RBA later this year,” Capital Economics’ Paul Dales said.