The Australian Bureau of Statistics (ABS) has come out with its latest labor market data, reflecting the impact on the country’s employment during the coronavirus lockout period.
“During 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 the 0.9% increase in the week ending April 25. “
“The total job losses in the week ending April 18 have been revised down from 7.5% to 7.1%.”
“Some industries have shown reduced impact in recent weeks.”
After the release of the RBA minutes and weak job data in Australia, the Australian dollar came under further selling pressure. AUD / USD moved further away from the six-day highs of 0.6550 to stabilize around 0.6525.