Australia’s employment fell by -2.5k, or basically unchanged MoM, in May, below expectations of a 25k increase.

• The unemployment rate remained unchanged at 4.1%, as expected, with the total number of unemployed falling just -2.6k, or -0.4% MoM.
• The participation rate dipped -0.1 pts to 67.0%, suggesting that the decline in both employment and unemployment was due to an increase in the inactive population.
• Underemployment rate edged down -0.1 pts to 5.9% and is now down -0.8 ppts over the last year.
• Full-time employment rose by 38.7k, while part-time employment dropped by -41.1k.
• Monthly hours worked increased 1.3% MoM to 1,994 million and is up 3.1% YoY.