Australian Bureau of Statistics new data on the labour market

  • Over the seven weeks from mid-March to early May, total payroll jobs fell by 7.3 per cent
  • "The latest data shows a further slowing in the fall in COVID-19 job losses between mid-April and early May."
  • "The week-to-week changes are much smaller than they were early in the COVID-19 period. The decrease in the number of jobs in the week ending 2 May was 1.1 per cent, which was only slightly larger than the 0.9 per cent increase in the week ending 25 April"
  • Total job losses as of the week ending 18 April have been revised down from 7.5% to 7.1%
aud, Australia, jobs, wages

Between the week ending 25 April 2020 and the week ending 2 May 2020:

  • Payroll jobs decreased by 1.1%, compared to an increase of 0.9% in the previous week
  • Total wages paid increased by 0.9%, compared to an increase of 0.5% in the previous week

Its reasonable to characterise the data as less bad rather than improving much or anything like that.

The reality is the recovery, when it comes, will be slow. Add the new China tensions into the mix and the outlook is subdued indeed for Australia head.