After all the forecasts and speculation, now we know the worst.
Total hours worked fell 9.2% – in just one month, between March and April.
Percentage fall in hours workedAuthor's calculations from ABS 6202.0
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
- ^ 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