July 2020 Jobs Data

The ABS released the July 2020 Jobs Data today which shows the impact of the COVID-19 shutdowns on the workforce.

The bad news – unemployment tops 1 million people for the first time in Australia’s history. This is a 45% increase from February 2020. The (official) unemployment rate is now at 7.5%, the highest since September 1988.

The good news is that between June and July another 115,000 more people were employed. The hardest hit areas of the workforce, being women and people under 25 managed to have nearly 55,000 and 56,000 more people employed respectively.

However, all labour force metrics are still way down on the pre shutdown February data with employment still down 4.1% on February. We still have a long way to go to recover.

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wayne@aRealCFO.com.au

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