Jobs carnage swings to aged

Nice charts from Greg Jericho today at The Racist:

The latest payroll job numbers released this week show that, as expected, the shutdown of Melbourne has caused a sharp drop in jobs in Victoria. But the lack of jobs is present across the entire country and unlike earlier in the crisis, older workers are the ones suffering most.

Even before the second large outbreak occurred in Melbourne, the improvement in jobs that occurred in May and the early part of June due to a reopening of retail and some restaurants, was faltering. It meant that there was little good news to look forward to, and the latest payroll job numbers released on Tuesday by the Bureau of Statistics confirm our fears.

In the first two weeks of this month the number of jobs across Australia fell 1.2%. The number of jobs fell in all states except Western Australia, where they grew a mere 0.04%:

The big fall was unsurprisingly in Victoria where there are now 2.7% fewer jobs than there were in the middle of June.

Even in May, which was the month that saw the number of jobs grow in all states, Victoria was the worst performer. As it is, since the lockdowns first occurred in mid-March, the number of jobs in Victoria has fallen by 7.3% – the worst in the country and well below the 5.3% fall of jobs in New South Wales:

But we should not start thinking that this means things are fine everywhere except Victoria. That just over 5% of jobs have been lost in NSW in four months remains a stunning loss of work – well beyond anything that has been experienced by anyone this side of the Great Depression:

Whereas the main tale of job losses up till now has been in the accommodation and food services industry and also arts and recreation, this has not been the case in the first two weeks of July:

The big job losses this month have come in agriculture (which is likely as due to seasonal factors as it is the coronavirus) and in health care and social assistance.

Similarly, while younger workers had been the worst hit, that is decidedly not the case this time round – older workers have lost jobs in vast numbers, with women again losing more jobs than men:

Interesting stuff. I’d posit that some of this is the fallout of a second virus wave triggering permanent job losses over earlier furloughs.

This might be choosing early retirement and/or older folk looking to protect themselves from Scummo’s virus “suppression” strategy, as well as headcount reductions.

David Llewellyn-Smith
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Comments

  1. Display NameMEMBER

    My wifes company let go of 3 rusted on, over 70 employees. They are no longer moving to new premises, decided to use warehouse as office in short term, and everyone work at home otherwise.

  2. turvilleMEMBER

    apologies but did you mean Scomo or is this one of those political digs that requires profanity

  3. TailorTrashMEMBER

    Was in Westfield Hornsby this morning
    The recently opened Chinese money changer seemed to be doing some business, the eyebrow dressing salon
    and the pretzel maker have both gone. A very big shiny new “employment services” office has opened ….it had a few people behind desks but no customers .
    ….obviously waiting for the deluge of job seekers and the nice government cheques for helping them .

  4. It’s always bemused me your fetish for the young unemployed, sure they were the first cohort to be let go, but history shows us that they will be the first to get swept up and replace the elder generation positions.

  5. Goldstandard1MEMBER

    Oldies not employable and the promised riches of investment properties via retirement $s not happening and crashing.
    Oh dear, honestly the pension is going to get a belting soon but a LOT of ppl are going to lose the lifestyle they have grown accustomed to.

  6. What percentage of people in their 70’s leave the workforce in a normal year? Could it be that these people were planning to retire soon anyway, the pandemic made them decide to retire a few months earlier than planned, and the end of financial year seemed like a convenient time to do it?

  7. Working from home requires you to be technologically savvy which the aged are NOT

    They won’t work again other than cleaning each others bed pans.

  8. wait until SOND – revised JK means many white collar and snr jobs going bye bye .. the sweet irony is that it will hit lib vote base the worst i suspect