Australian employment report for May
The partial data that has come in indicates that the bulk of the job cuts came in April while the economic shutdown was at its widest.
May some som dialling back of restrictions, nothing dramatic but there was some improvement. I don't suspect these will have too much of a positive impact in the May figures, I suspect we'll see job losses continue, but at a less frantic pace than in April. That is the median consensus view also (see 'expected' below).
Employment Change: K expected -78.8K, prior -594.3K
Unemployment Rate: % expected 6.9%, prior 6.2%
Full Time Employment Change: K prior was -220.5K
Part Time Employment Change: K prior was -373.8K
Participation Rate: % expected 63.6%, prior was 63.5%
ASNZ's brief preview comments:
- We think the labour market continued deteriorating in May, but not as sharply as in April. Further falls in employment, hours worked and participation and another rise in underutilisation are expected.
- We look forward to the June data, which we think will show the beginning of a recovery.
