Unemployment rate continued to fall in early May to about 3.4% of the labor force

The unemployment rate continued to fall in early May, and now stands at about 3.4% of the labor force, compared with about 3.6% in the second half of April. There are now about 144,000 unemployed compared to about 153,000 at the end of April. This is according to data from a manpower survey published by the Central Bureau of Statistics. However, it should be noted that this is still a high figure compared to the beginning of April, when a record of 2.9 percent unemployment was recorded, which is about 120,000 unemployed.
Even when looking at the broader unemployment rates including those who stopped working in March 2020 due to the corona outbreak, there is a sharp decline in the number of unemployed, the number of unemployed fell for the first time below 200,000 and now stands at 197,000 which is 4.6% compared to 216,000 at the end of April.
The share of participants in the employment market also continued to rise compared to previous months and stands at over 64%. This is a higher level than it was at the end of April, and also before the corona crisis in March 2020.
At the same time, the Monetary Committee's reports were published today, making the decision to raise interest rates. The members of the Monetary Committee based their discussions on labor market data for the first half of April. In the interest rate cut, it now turns out that the labor market has continued to tighten.