Were it not for JobKeeper, unemployment would be 11.7%, up from 5.2% in one month. Here's how the numbers pan out
- Written by Jeff Borland, Professor of Economics, University of Melbourne
After all the forecasts and speculation, now we know the worst.
Today’s numbers from the Australian Bureau of Statistics[1] lay out the catastrophic impact of COVID-19 on the Australian labour market.
Total hours worked fell 9.2% – in just one month, between March and April.
Percentage fall in hours worked
Author's calculations from ABS 6202.0[2]The scale and speed are difficult to comprehend.
By comparison, in the major recessions of the 1980s and 1990s, hours worked fell by 6% – but after 18 months.
Women have been hurt more than men, losing 11.5% of the hours worked in March, compared to men who lost 7.5%.
Queensland and NSW have so far fared better than other states.
Percentage fall in hours worked by state
References
- ^ Australian Bureau of Statistics (www.abs.gov.au)
- ^ Author's calculations from ABS 6202.0 (www.abs.gov.au)
- ^ ABS 6202.0 (www.abs.gov.au)
- ^ What'll happen when the money's snatched back? Our looming coronavirus support cliff (theconversation.com)
- ^ adjusted (www.abs.gov.au)
- ^ ABS 6202.0 and Canndian and US statistical agencies (www.abs.gov.au)
- ^ The attacks are misguided: in a time of crisis the Bureau of Statistics is serving us well (theconversation.com)
Authors: Jeff Borland, Professor of Economics, University of Melbourne