May data shows unemployment falling to 4.4% as employment surges 40.3K, matching consensus but failing to lift AUD/USD.
Australia’s unemployment rate declined to 4.4% in May from 4.5% in April, matching market expectations. The economy added 40.3K jobs, reversing a revised 40.7K loss in April and exceeding the 25K forecast.
The participation rate edged up to 66.7%, while full-time employment rose by 5.2K after a 21.7K drop in April. Part-time jobs increased by 35.2K, offsetting a prior 19.0K decline. The ABS noted easing backlogs for job starters contributed to the employment gain.
Despite the positive data, the Australian dollar showed little reaction, with AUD/USD trading 0.09% lower at 0.6893.