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Unemployment Rate in Australia Jumps to 6.2% Due to COVID-19

Unemployment Rate in Australia Jumps to 6.2% Due to COVID-19

The Australian Bureau of Statistics (ABS) today releases its April unemployment report. The unemployment rate in Australia only rises to 6.2pct, but 600,000 jobs lost in coronavirus lockdown.

14 May, 2020, | AtoZ Markets – Economists expect hundreds of thousands of people are losing their jobs due to COVID-19 lockdown. The harsh reality of the coronavirus pandemic impact on the Australian economy will be visible in the latest jobs figures. The Australian Bureau of Statistics (ABS) on May 14 released its April employment and unemployment statistic

Australia April Employment and Unemployment Statistic

  • Employment -594.3k s/adj (Reuters poll: -575.0k) – Bearish.
  • Unemployment rate +6.2 pct, s/adj (Reuters poll: +8.3) – Less bearish.
  • Full-time employment -220.5k s/adj vs 6.4K prir. – Bearish.
  • Participation rate +63.5 pct, s/adj (Reuters poll: +65.2 pct) Bearish.

Prime Minister Scott Morrison said the economy “must prepare for harder news. It was a tough day for Australia.” ABS reported that 2.7 million Australians have lost their jobs, seen their working hours reduced or have left the workforce in the past month. According to the ABS, more than 900,000 people have lost their jobs in six painful weeks.

AUD/USD is currently trading at 0.6451 and down 0.40%. It remains under heavy selling pressure.

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According to analysts, between 400,000 and 650,000 people become unemployed in one month. The previous monthly record of 65,400 jobs lost in October 1982, during the deep recession. Bjorn Jarvis, the head of labour statistics at the ABS said:

“The large drop in employment did not translate into a similar-sized rise in the number of unemployed people because around 489,800 people left the labour force”.

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