Victoria sinks jobs recovery

Callam Pickering, economist at global jobs site Indeed, has updated his weekly job postings series.

Job postings in Victoria are tracking 48% below last year’s trend. For the rest of the country, the gap is 28%. Thus, Victoria is now 20% than the rest of the nation, compared to a gap of only 3.4% points in early July:

Callam has also done some nice analysis of yesterday’s payrolls data from the ABS. This shows that the jobs recovery was already slower in Victoria than elsewhere before the second-wave. However, the gap increased considerably in July, with payrolls in Victoria now 6.7% below their level in mid-March, compared with 3.7% elsewhere:

Separate job ads data from Seek shows similar trends, with Melbourne job ads falling while other major capitals rebound; albeit at different rates:

Data released yesterday by CBA also shows that Victoria has experienced the biggest recent lift in Jobseeker claims:

Much of this data pre-dates the stage 4 lockdown across Melbourne and the stage 3 lockdown across regional Victoria. Thus, the data will get worse before it gets better.

Leith van Onselen
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