July 2020 Jobs Data

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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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.

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Wayne Wanders, A Real CFO

wayne@aRealCFO.com.au

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