So, NSW lost 12,000 full time jobs, VIC added 17,000 but that was a give back for last month’s drop of 29,000 so over two months is down 12,000, Qld and SA dropped 2,000 and WA lost 5,000. Here’s a chart of the states unemployment rates:
And here is what is about to become a very important chart in terms of gauging the Australian economy:
Underutilisation, all of those people that would like to work more and can’t. Remember all of that labour hoarding during and after the GFC? When companies were still fighting yesterday’s war for talent and they furloughed workers rather than lose them? As the services firms that make up 70% of the economy wake to the fact that demand in the new economy for what they produce is nowhere near as strong as the old version, jobs may shrivel further and unemployment climb for some time to come.