More data has emerged of the massive employment shock facing the Australian economy, with Seek job ads down 65% compared with the same time last year:
Falls were greatest in New South Wales (down 72 per cent) and Victoria (down 67 per cent). Job ads fell slowly at first in response to the coronavirus outbreak, down 13 per cent in the first week of March, but dropped away steeply in the past two weeks… The worst-hit industry was sport and recreation, with new job openings all but disappearing compared with the same time last year. The mining and healthcare industries had the lowest falls.
Callam Pickering, economist at global jobs site Indeed, shows similar falls, with new job postings – defined as job postings on Indeed Australia for 7-days or less – down 60%: Whereas total job postings are down 44%: Australia is facing the biggest employment reckoning since the Great Depression.
The full text of this article is available to MacroBusiness subscribers
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
Falls were greatest in New South Wales (down 72 per cent) and Victoria (down 67 per cent). Job ads fell slowly at first in response to the coronavirus outbreak, down 13 per cent in the first week of March, but dropped away steeply in the past two weeks… The worst-hit industry was sport and recreation, with new job openings all but disappearing compared with the same time last year. The mining and healthcare industries had the lowest falls.
Whereas total job postings are down 44%:
Australia is facing the biggest employment reckoning since the Great Depression.
