Economic Buzz: Australia unemployment rate at 4.4% in May

Australia's seasonally adjusted unemployment rate came in at 4.4% in May, edging down from the previous month's 4.5%, according to data released on Thursday by the Australian Bureau of Statistics (ABS).

Statistics showed that the number of employed people increased by 40.300 in May, reaching a total of 14.738.800, while the participation rate rose slightly to 66.7%. Monthly hours worked in all jobs decreased by 22 million hours, marking a 1.1% decline.

Meanwhile, the employment-to-population ratio was 63.8%, increasing slightly by 0.1 percentage points from the 63.7% recorded in April.

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