May 2022 Jobs Data

On the face of it, with employment increasing by over 60,000 jobs in May (according to the May 2022 jobs data released by the Australian Bureau of Statistics yesterday), the employment market looks like it is improving. Especially as there was only 4,000 jobs added in April.

But one key thing I feel is being ignored. In May we had a Federal Election which the Australian Electoral Commission (AEC) managed. From what I understand the AEC have less than 1,000 permanent staff and needed to employ upwards of 100,000 people in May to deal with the election.

So how many of the extra 60,000 jobs were related to the election which will disappear in June and how much are related to real jobs growth? My fear with increased costs to businesses, and increased cost of living for individuals we will see pressure placed on jobs over the coming months.

The charts below have more detail on the trends we are seeing in the Australia workforce.

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April 2021 Jobs Data

The April 2021 Jobs Data released today is the first jobs data after the end of JobKeeper.

At one level it looks like the end of JobKeeper did not have a big impact as the unemployment rate fell from 5.7% in March to 5.5% in April.

But if you look behind the numbers you see a different story.

Firstly, the number of employed people fell by nearly 31,000 between March and April. Women suffered the worst here, with the number of employed women falling by over 36,000. From a state perspective, the biggest job losses were in NSW which had nearly 37,000 less people working in April compared to March.

Secondly, the total labour force fell by over 64,000 people between March and April. This means that over 64,000 people stopped working, or stopped looking for work in April. For people who were unemployed in March and stopped looking for work in April, they are no longer counted as unemployed.

Thirdly, whilst the number of unemployed people of nearly 34,000 people in April, this can be reasonably attributed to less people looking for work and not actual job creation (especially as there are nearly 31,000 less people working in April).

My conclusion

I think the end of JobKeeper in March, has meant a lot of people gave up hope of getting work in April.

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To ensure I help your business specifically, the best approach I have found is to have an obligation free session with you. In this session we will review your current business in a factual and objective manner, to better understand the challenges that you face. And this session does not need to be face to face.

At the end of this session, you will have multiple ideas on how your business can survive and thrive in these uncertain times.

Simply fill in the contact form below or email me at wayne@aRealCFO.com.au or call me on 0412 227 052 to organise one of these obligation free sessions.

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