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PM: “Very Tough Day”, 594K Jobs Lost April

Prime Minister Scott Morrison has said it’s a “very tough day” after latest Bureau of Statistics numbers revealed 594,300 jobs were lost in the month of April – taking the country’s unemployment rate to 6.2% [seasonally adjusted].

The figure is said to be the largest monthly fall in national employment since records commenced in the 1970s.

The Prime Minister states confidences is returning, and that Australians are able to “see the road ahead.”

During the month, full-time employment decreased 220,500 to 8.6 million, whilst part-time workers slipped 373,800 to 3.8 million.

The overall annual growth rate tumbled 3.1% in April – its worst since 1990.

[Australian Bureau of Statistics]

[Australian Bureau of Statistics]

For some economists, the 6.2% unemployment rate is better than 8% feared, however, consensus is the full toll on local employment derived from COVID19 will only be seen later.

Reserve Bank estimates predict unemployment could hit 10% next month, and be around 8.5% June next year.

The local Treasury forecasts around 850,000 jobs could be reignited by July coronavirus restrictions are totally eased.

Latest ABS numbers reveal the large drop in employment did not result into a similar sized rise in unemployed persons, as around 489,800 left the labour force.

“This means there was a high number of people without a job who didn’t or couldn’t actively look for work or weren’t available for work”, said Head of Labour Statistics at the ABS, Bjorn Jarvis.

[Australian Bureau of Statistics]

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