(Reuters) – Australian job creation far outstripped expectations in May as unemployment dropped to pre-pandemic lows, a major upside surprise that suggested the economy had the momentum to cope with any temporary coronavirus lockdowns.
Thursday’s data from the Australian Bureau of Statistics (ABS) showed 115,200 net new jobs were created in May, blowing past forecasts for a 30,000 gain. Full-time jobs jumped by 97,500 and hours worked also rose strongly.
Unemployment dropped to 5.1%, from 5.5% in April, extending a remarkable recovery from a high of 7.5% hit last July when lockdowns tipped the economy into recession.
