Jobless Rate and Brendan O Connor

global financial crisis: The number of people in employment increased by 42,000 in May, pushing the jobless rate down to six per cent - its lowest level in a year and down from a revised 6.1 per cent in April, according to Nine News Australia. The figure is better than economists expected. AAPThe latest jobs figures should give Australians something to smile about and help reverse the recent slump in confidence amid economic concerns. The jobless rate is now tracking lower than the 6.25 per cent forecast for this financial year in the budget. However, opposition employment spokesman Brendan O'Connor says the jobless rate remains excessively high and is above the level seen during the 2008-09 global financial crisis."We have almost 750,000 Australians still on the unemployment queues and for that reason the government needs to do more," he told reporters in Melbourne. Commonwealth Securities economist Savanth Sebastian says the result should help ease some concerns about job security."An improvement in confidence would certainly bode well for retail activity and broader economic growth," he said. (news.financializer.com). As reported in the news.