Australia’s Employment Levels Decline Again Due to Lockdown in Victoria

Latest weekly data released by the Australian Bureau of Statistics (ABS) reveals that employment numbers in the country fell by 1% MoM in

Australia's Employment Levels Decline Again Due to Lockdown in Victoria

Latest weekly data released by the Australian Bureau of Statistics (ABS) reveals that employment numbers in the country fell by 1% MoM in the week ending on August 8. The decline in employment levels was driven by lockdowns imposed in the state of Victoria which reported a fresh surge in the number of coronavirus cases recently.

The report also shows that employment figures fell by 2.8% in Victoria. Unlike the official employment data, this weekly number is arrived at by looking at wage payment figures from the Australian Taxation Office (ATO).

Head of Labor Statistics at ABS, Bjorn Jarvis, stated, “Over the month to 8 August, payroll jobs fell by 2.8 per cent in Victoria. Some of the initial impacts from the Stage 4 restrictions, are shown in the latest weekly data as they came into effect.”

The latest employment numbers remain around 4.9% less than the figures during mid-March – just before the pandemic hit and forced Australia to go into lockdown mode. After posting a slight recovery between mid-April and mid-June, payroll jobs losses stayed around 4-5% lower than levels seen in mid-March.

 

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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