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Economics
14 Jun 2024
Unemployment rate declines to 4 per cent in May
Labour force statistics released this week highlight that unemployment declined from 4.1 per cent in April to 4.0 per cent in May, with the number of unemployed people down by 9200.
The number of employed people increased by 39,700 to 14.3 million. The participation rate remains close to its record high at 66.8 per cent. These figures indicate that the labour market remains tight, with employment figures reaching a peak level.
The high number of job vacancies also highlights a pressing issue-employers are struggling to find people with the right skills to fill these positions, emphasising the need for skill development and training.
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