Coronavirus has hit Australia's job market harder than unemployment figures suggest - ABC News

If those 490,000 persons who dropped out of the labour force last month were still actively looking for work, the number of officially unemployed persons would be nearly half a million higher, at around 1.3 million.Jo Masters, chief economist at EY, says the number of people dropping out of the workforce is a huge concern.

"This data suggest getting people back to jobs will be even more challenging as they will first need to be enticed back into the workforce, and then find a job," she said. The large number of people leaving the workforce has seen the participation rate fall from 66 per cent to 63.5 per cent — the lowest since 2004.The JobKeeper subsidy was designed to keep people officially employed and tied to their employer, even if they have no work to do.But it means the unemployment rate has been kept artificially low, because many people who aren't working are still counted as employed.

That's why the number of "monthly hours worked" is a much better indicator of the state of the labour force than the unemployment rate.According to the latest release, working hours last month fell by a record 163.9 million hours. The previous largest monthly decline was 36 million hours in 2007. "The big decline in hours worked is more reflective of the true deterioration in the labour market to date," said Commonwealth Bank economist Gareth Aird.The decline in hours worked has disproportionately affected working women, who have seen their hours drop by 11.5 per cent, compared to 7.5 per cent for men.Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume.

The strategic statisticians have won, they are the only winners here.

So true but what has the parliamentary nobs done to take a pay cut?

You're starting to get it. Now, consider the implications for the Jobseeker support system & the 3rd party contractors that administer it, when unemployment figures are equally improved if a jobseeker finds a job (difficult) or is trapped into non-compliance.

Corona hasn't hit it, SHUTTING THE ECONOMY is what's done it. Now, will we ever know if that was necessary? My money is on it wasn't.

Create a new statistical analysis for the real unemployment rate then. Is a free for all anyway

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Unemployment figures to show true impact of coronavirus on job marketThe harsh reality of the impact of the coronavirus pandemic on the Australian economy will be seen today when the latest official jobs figures for April are released. It’s what happens when a government isn’t prepared. Not for fires or pandemics. How insane is this. Australia can’t get it together. We all understand, have car bike or house even caravan we insure for the what ever.. But this Government. Well only care about themselves.
Source: 9NewsAUS - 🏆 10. / 72 Read more »

Coronavirus Australia live news: ABS unemployment figures set to be released as research finds job market may be about to turn corner - ABC NewsNSW and Victorian job seekers appear to be the worst-hit in the coronavirus pandemic, research suggests, but the availability of work may have started to turn the corner. Follow live. 'may be about to turn a corner'. This is just propaganda isn't it?
Source: abcnews - 🏆 5. / 83 Read more »

Without migrant buyers, Australia's property market is expected to struggle for 'several years'The lack of migration to Australia due to coronavirus is expected to hit the property market hard and experts say there is no knowing how long it will take to bounce back. Good. It's a bubble anyway. But willI turn drop prices giving Australians the chance to buy Perhaps prices will settle to realistic levels.
Source: SBSNews - 🏆 3. / 89 Read more »