Australian Bureau of Statistics new labor market data
- In the seven weeks from mid-March to early May, the total number of salaried jobs decreased by 7.3%
- “The latest data shows a further slowdown in the fall in COVID-19 job losses between mid-April and early May.”
- “The variations from one week to the next are much smaller than they were at the start of the COVID-19 period. The decrease in the number of jobs during the week ending May 2 was 1.1%, which was only slightly higher than 0.9%. Increase in the week ending April 25 “
- Total job losses in the week ending April 18 have been revised down from 7.5% to 7.1%
Between the week ending April 25, 2020 and the week ending May 2, 2020:
- Payroll jobs fell 1.1%, up 0.9% the previous week
- Total wages paid increased 0.9%, up 0.5% the previous week
It is reasonable to characterize the data as less bad than to improve a lot or something like that.
The reality is that the recovery, when it arrives, will be slow. Add the new Chinese tensions in the mix and the prospects are indeed moderate for the head of Australia.