Australia jobs surge in June, drive unemployment to 48-year low

2022.07.14 04:51

Budrigannews.com – Australia’s unemployment rate dived to 48-year lows in June as hiring again outstripped all expectations, while record vacancies suggest the labour market is set to tighten yet further and justify several more increases in interest rates.

Figures from the Australian Bureau of Statistics on Thursday showed net employment surged 88,400 in June from May, when it jumped 60,600. That far surpassed market forecasts of a 30,000 rise and brought gains for the year to a rousing 438,000.

The jobless rate slid to 3.5%, from 3.9%, well below forecasts of 3.8% and the lowest since August 1974 when the jobs series was released only quarterly.