Australia posts upbeat job ads in May

Australia’s job advertisements marked their 12^th month of increase in May. The reading stood as the highest since 2008, underscoring strong labor demand that could resist lockdown measures in Victoria and the removal of some government support schemes.

After a 4.9% increase in April, job advertisements advanced a total of 7.9% in May. The figure then came as the strongest since 2008. All in all, the country monitored a 220% increase from a year ago when the country shut most of its activities due to rising coronavirus infections.

The unemployment rate contracted sharper than the 5.5% decline expected by analysts, a complete reversal from a 7.5% jump seen in July 2020. The Reserve Bank of Australia aims to drive its unemployment rate down to 4% or lower in hopes of boosting wage growth and inflation.