Australia’s economy continues its remarkable recovery from COVID-19 with the nation’s unemployment rate tumbling to its lowest level since February last year.
According to the Australian Bureau of Statistics, the jobless rate fell from 5.5 per cent in April to 5.1 per cent in May.
A massive 115,200 jobs were added to the economy last month taking total employment to more than 13.1 million.
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The vast majority of those jobs were full-time with 97,500 positions added last month while part-time employment increase by 17,700.
Australia has now seen almost one million jobs return to the economy since the height of the pandemic in May last year.
The number of people looking for work increased with the participation rate up by 0.3 points to 66.2 per cent.
Hours worked increased by 1.4 per cent while underemployment fell by 0.3 points.
The number of unemployed people fell by 53,000 in May to 701,100.
The youth unemployment rate increase by 0.1 points to 10.7 per cent but is still 5.1 points lower than it was in May last year.
Queensland’s unemployment rate fell by 0.7 points to 5.4 per cent.
Victoria’s unemployment rate also fell by 0.7 points and now sits at 4.8 per cent, however, the figures don’t take into account the period of the state’s latest lockdown.
The New South Wales unemployment rate was down 0.5 points to 5 per cent, Tasmania is down 0.5 points to 5.7 per cent, while Western Australia recorded an unemployment rate of 4.7 per cent, down 0.3 points.
South Australia’s unemployment rate went up by 0.1 points to 5.8 per cent while the jobless rate also increased in the Northern Territory (up 0.7 to 4.5 per cent) and the ACT (up 0.2 points to 5.8 per cent).