It appears Australia’s economy has weathered the worst of the COVID-19 storm
Good news for the Australian economy as weekly job losses slow. New employment data from the Australian Bureau of Statistics (ABS) shows it appears Australia’s economy has weathered the worst of the COVID-19 storm. The ABS is now releasing results fortnightly to more accurately account for the dramatic changes, with the latest figures showing the pace of job losses in the economy has started to slow.
Over the seven week period from mid-March (stage-two lockdown rules were enacted on March 22) to early May, total payrolls declined by 7.3 per cent. The steepest falls were in the two largest state economies, NSW and Victoria, where job losses totalled 7.7 per cent and 8.4 per cent respectively.
However the latest results show a further slowing in the fall in COVID-19 job losses between mid-April and early May. Job numbers declined by 1.1 per cent for the week ended May 2, up slightly from 0.9 per cent in the week ended April 25.
To illustrate the scale of the impact on Australia’s hospitality sector, job losses in the accommodation and food services sector totalled 27.1 per cent since mid-March. But to the week ended April 11, job losses in that sector had reached 33.3 per cent.
By age group, the under-20 bracket was hardest hit with losses amounting to 14.6 per cent over the seven-week time period. The employment data follows some other tentative signs of recovery in the local jobs market, after data from UBS last week showed job ads were back on the rise.
With Australian states planning a phased return to business activity through to the end of June, total percentage job losses may continue declining in the weeks ahead.
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