Australia May Jobs Beat at 40k but April Revision Mutes Strength

Australia’s May labour report delivered a headline beat with employment rising 40,300 versus 30,300 expected and unemployment easing to 4.4%. The print followed market previews that anticipated a 30-45k rebound after April’s Easter-distorted weakness. Beneath the surface, however, April was revised sharply lower to -40,700, most new jobs were part-time, and hours worked fell 1.1%. Household spending rose a solid 1.3% in May, yet the overall labour-market tone remains mixed. Markets now see the RBA’s August meeting as finely balanced ahead of June CPI.