Australian employment data largely disappointed on Thursday as total employment decreased by 30,600 jobs, against an expected gain of 15,000 jobs for April. Despite the miss, the country’s unemployment rate dropped to 5.5%, down 0.2% from March. Perhaps a green shoot in the reading was the gain in full-time employment, which grew in April by 33,800. Of note, the end of the domestic “JobKeeper” subsidy program will present a headwind to further significant employment gains. Experts labeled the program as a key factor in the sharp decline in Australian unemployment over the last 6 months. {chart} Despite the ... (full story)