Callam Pickering, economist at global jobs site Indeed, has released new data showing that, as of last Friday, Sydney’s and Melbourne’s lockdowns had minimal impact on Job Postings; although Pickering expects the situation to change as lockdowns drag on:
As of last Friday, there has been minimal impact on job postings from the lockdowns in Victoria and NSW. I’d expect that to change – given how long these states will be in lockdown – but so far very little movement.
Overall, job postings remain very strong and that is typically a good sign for future employment. In the near-term though employment trends are going to be driven by lockdowns.
Separately, Callam Pickering released another chart showing that short-term employment has fallen to its lowest level since early 2008:
Australia’s long-term unemployment rate (>52w unemployed) dipped to 1.5% in June. That’s down from 1.8% in April. It was about 1.3% before the pandemic.
The short-term unemployment rate (<52w) fell to 3.4%. That’s the lowest level since February 2008.
Australia’s labour market has experienced a remarkable recovery. Sadly, the latest batch of lockdowns has thrown a large spanner into the works.
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.
Latest posts by Unconventional Economist (see all)
