Australian employment report, enormous job losses due the wide shut down in the month
Employment Change: -594.3K
- -575K expected, prior +5.9K
Unemployment Rate: 6.2% showing not as dire as expected - sharp drop in the participation rate though … thus the unemployment rate reported is still bad news indeed
- 8.2% expected, prior 5.2%
Full Time Employment Change: -220.5K
- prior was -0.4K
Part Time Employment Change: -373.8k
- prior was +6.4K
Participation Rate: 63.5% (lowest in 15 years)
- expected 65.3%, prior was 66.0%
More:
- hours worked down 8%
- underemployment 13.7% (up 4.9points)
ABS:
- 2.7 million people either lost their jobs or had their hours reduced
- nearly half a million left the labour force, this limited the rise in unemployment ... without this the jobless rate would have been around 9.6%
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for background: