The Australian economy has been surprised by a slight drop in the unemployment rate in May, which defies market expectations and is anticipated to have implications on the central bank’s July interest rate decision.
According to the latest labour force data from the Australian Bureau of Statistics (ABS), the jobless rate dipped by 0.1 percent to 3.6 percent in May, marking the 14th month that the economic indicator had stayed below four percent.
This came on the back of an increase in employment of 76,000 people and a drop of 17,000 unemployed people.
The 76,000 jobs added in May were much higher than consensus forecasts of 17,500 and the monthly average of 39,000 over the past year….