August 2020 Jobs Data

The ABS released the August 2020 Jobs Data today which shows the stark divide between Victoria and the rest of the country.

Across Australia 111,000 people returned to work in August with positive changes in all states except Victoria which had over 42,000 job losses.

NSW and WA appear to be the two key states powering the jobs growth with an additional 51,000 and 32,000 jobs respectively.

Queensland, on the other hand continues to see the impact on employment from its strict border controls. Between February and August, Queensland has lost over 120,000 jobs which is more than double the rate of job losses in any other state than Victoria.

There is some good news in the data.

Women, who were badly impacted by the COVID-19 job losses, made up over 60% of the returning workforce in August.
Also badly hit were people under 25, but in August they made up 26% of the new jobs despite being only 14% of the workforce.
Official unemployment dropped by 8% to 921,000 in August. This is down on the record 1 million people in July. The official unemployment rate dropped to 6.8%.

However, all labour force metrics are still way down on the pre shutdown February data with employment still down 3.2% on February. Here are the key changes in employment data between February and August.

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