Unemployment rate remained steady at 3.5% in May amid record participation rate
The unemployment rate remained at 3.5% for the fourth straight month in May (Apr: 3.5%)
- Unemployed persons (-0.4% MoM; Apr: -0.3%): continue to decline for 22 consecutive months and the sharpest drop in two months.
- The number of unemployed persons fell to 584.6k (Apr: 586.9k), the lowest since February 2020 (525.2k). Additionally, the actively unemployed fell slightly to 470.4k (Apr: 471.9k), the lowest since April 2020 (459.8k).
Employment growth expanded at a steady pace for 22-straight months (0.2% MoM; Apr: 0.2%), hitting 16.28m people, a record high
- Labour force: growth sustained (0.2% MoM; Apr: 0.2%), with the total labour force expanding to a record high of 16.86m persons (Apr: 16.84m).
- New job creation: expanded (28.1k; Apr: 28.4k) but at a moderate pace.
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