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Roy Morgan has released its unemployment estimate for March, which describes Australia’s biggest labour market shock since World War II:
Unemployment for March as a whole was 1.72 million (12.2%) and under-employment was 1.33 million (9.4%) but this obscures the huge change to the Australian economy that took place in mid-March.
In the first half of March unemployment was 1.02 million (7.3%) with under-employment of 1.14 million (8.2%). A total of 2.16 million (15.6%), an improvement on February as Australia emerged from a summer of devastating bushfires.
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About the author
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.
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