Australia: Labor market reports strong outturn in April, revised data shows employment shrank in March
Seasonally-adjusted employment increased by 22,600 in April compared to the prior month, contrasting the revised 700 jobs shed in March (previously reported: +4,900 jobs) and overshooting analysts’ expectations of weaker job growth. April’s reading was driven by more full-time workers, which more than offset a decline in the number of part-time workers.
The seasonally-adjusted unemployment rate ticked up to 5.6% in April from 5.5% in March, while the trend participation rate ticked up to 65.7%–an all-time high. Measures of underemployment and labor underutilization remained fairly elevated, which suggests ongoing slack in the labor market and is likely partly behind still moderate wage growth.