Unemployment dives below pre-pandemic levels as jobs surge resumes

 In Home News Section, Uncategorized

Unemployment has dropped below pre-pandemic levels with more than 100,000 jobs created in May.

The Australian Bureau of Statistics (ABS) estimated that 115,200 positions were added last month, dropping the jobless rate from 5.5 to 5.1 per cent.

Bjorn Jarvis, the head of labour statistics at the ABS, said the unemployment rate is now lower than it was in March 2020 (before the first pandemic lockdowns) and the same as it was in February of that year.

“The declining unemployment rate continues to align with the strong increases in job vacancies,” he said.

The figures were unambiguously good, with the proportion of people either in work or looking for it rising, hours worked also up and the underemployment rate falling to 7.4 per cent, its lowest level since January 2014.

That was reflected in the split of new jobs between full-time and part-time.

Full-time employment increased by 97,500 in May, while part-time employment rose by 17,700.

By business reporters Michael Janda and Rachel Pupazzoni (Original ABC Article)