Economist Callam Pickering has posted alarming data at job site Indeed showing that job postings in Australia have collapsed by 24% versus the same time last year, with weakness apparent “across almost every occupational group” other than healthcare and supermarkets:
At the same time, searches for supermarket jobs have surged to record highs:
This comes as former ANZ chief economist, Warren Hogan, yesterday forecast that Australia’s unemployment rate could hit between 15% and 17% by Easter:
“I think very quickly we can talk about out over a million jobs being lost. It looks like were going to get through that in very short order,” Mr Hogan said.
“I think by the time we get to Easter we are going to probably see about 1.5 to 1.8 million job losses due to standdowns.
That would see the unemployment rate soar from 5.1 per cent as of February to somewhere above between 15 and 17 per cent.
Make now mistake, this is the biggest employment shock since the 1930s Great Depression.