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As mentioned earlier:
Here’s a chart showing if participation rate had have remained hypothetically at a 2019 average, the unemployment rate is at 11.6%. The point is no one should so readily consider prematurely removing labour market support until this situation has been materially repaired #ausbiz pic.twitter.com/wHiwX2fAzO
— Alex Joiner (@IFM_Economist) June 18, 2020
The truth is even worse. 3.5m JobKeeper recipients are recorded as employed. The underutilisation rate, which is the only measure of unemployment ex-a few Uber hours, is 20.2%
It’s very, very ugly.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.