The economy created 88,422 jobs last month, which helped boost the national unemployment rate to a 48-year low of 3.5% in an increasingly tight labor market.
The unemployment rate fell from 3.9% the previous month as the number of unemployed Australians fell by 54,276, the Australian Bureau of Statistics said.
“This is the lowest unemployment rate since August 1974, when it was 2.7% and the survey was quarterly,” said Bjorn Jarvis, head of labor statistics for the office.
“The large drop in the unemployment rate this month reflects more people than usual getting into work and also a lower-than-usual number of employed people staying unemployed.”
The participation rate, the proportion of the population over the age of 16 working or looking for work, increased to 66.8% compared to 66.7% in the previous month. It stood at 62.6% in May 2020.
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