While the trade data was strong jobs data released at the same time was not quite so good.
Payroll jobs fell by 2.4% nationally in the fortnight to 17 July 2021
- following a 0.2 per cent fall in the previous fortnight
While there are caveats around this high-frequency data point the turn down in the graph above is clear as lockdowns bits.
In the epicentre state of the current COVID-19 outbreak the change in payroll jobs fell the most of any state at down 4.4%. This is more than double the fall of second-placed state Victoria at -1.9%. (For the locals here in Oz the ACT was -2.4%).
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If March 2020 is used as the base (March 2020 was when you-know-what hit the fan in Australia) NSW's decline is stark:
As I said above, there are caveats. If you'd like more detail here is the ABS link.
