Australian employment figures for May revealed

Australia far exceeded employment expectations once again last month, with figures revealing a 42,000 jump in seasonally-adjusted terms.

The number is way ahead of the expected 10,000 and follows similar news from April, when 46,200 people were added to the workforce. 

For the past eight months, an increase in employment has been recorded and since the start of 2017 the growth stands at 153,700.

Consequently, the unemployment rate is at 5.5%, its lowest level for over four years.

One negative from the statistics was continuation in the trend of weakening wage growth, which has been put down to slack in the labour market.

“The Reserve Bank of Australia will view these strong employment figures, and the associated decline in the unemployment rate, positively,” Callam Pickering, APAC economist at Indeed, told Business Insider.

“There should be some scepticism of these numbers, however, given the ongoing weakness in wage growth and soft economic conditions. It is too soon to declare the economy back on track.”