Victorian unemployment rate falls amid surge in full-time jobs

Australia’s unemployment rate fell to 5.5 per cent last month, official figures show, beating the expectations of analysts. Economists had broadly expected the jobless rate to be unchanged at 5.7 per cent.

The improvement came as the total number of people with jobs rose by 42,000 in the month, the Australian Bureau of Statistics said today. Full-time employment rose by 52,100 jobs, while the number of part-time jobs was down by 10,100.

In Victoria, the jobless rate also dipped, but it remained entrenched above the national average. The rate in Victoria fell from 6.1 per cent in April to 6 per cent last month. Victoria drove the national surge in full-time employment, however, accounting for almost 25,000 of the full-time jobs created nationally. The state now has 2.11 million full-time workers, up about 150,000 over the past two years despite the gradual shutdown of the carmaking industry.‘

In the wake of the revelation that the national jobless rate had fallen, the Australian dollar spiked from US75.9c to US76.3c. CommSec economist Craig James said: “Not only are jobs being created and unemployment is falling but the number of hours worked rose decisively in the latest month”. “More jobs and more hours worked means more spending and more momentum for the economy,” Mr James said. “This is a result to be celebrated by consumers and businesses alike.”

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