Expat Forum For People Moving Overseas And Living Abroad banner

1 - 1 of 1 Posts

·
Registered
Joined
·
47 Posts
Discussion Starter #1
For April 2020 update kindly check:
https://www.expatforum.com/expats/a...onsider-job-market-future-rba-prediction.html


SUMMARY:
Pre-COVID “normal” unemployment rate = 5%
April end unemployment rate = 6.2%
May end unemployment rate = 7.1%

AUS_MAY2020.jpg

Total jobs lost @ April end = 600,000
Total jobs lost @ May end = 838,000


DETAILS:
Worst hit are young people. Generation Z are getting smashed by the COVID-19 recession with 44 per cent of job losses hitting Australians aged under 25. Teenagers and young workers lost a stunning 100,000 jobs in the month of May alone – nearly half of all job losses. In fact, one in four young Australians is now out of work.

“If every young person who has lost their job in the last month was counted the true unemployment rate would be 26 per cent" says Indeed dot com team & further shares that,“Job losses for women are also greater across all age groups. The decline in hours worked is also much larger among part time workers and we know that women and young people tend to be concentrated in those roles”.

Prime Minister Scott Morrison said today there was no doubt that young workers are bearing the burden of the recession.
“We’ve had over 800,000 people lose their jobs but only 211,000 are classified as unemployed,” the Prime Minister said.

SO...
Goodluck to all young people, women, part time workers & especially to new arrivals!
 
1 - 1 of 1 Posts
Top