May 2020 Jobs Data

The ABS released the May 2020 Jobs Data stats today which show the real human impact of the COVID-19 shutdowns.

Between February and May:

Over 838,000 jobs were lost.
Women and people under 25 were the hardest hit
Unemployment is up 32.8% and is now 7.1%.
The number of hours worked has fallen by 9.4%.
Workforce participation rates have fallen by 4.7%.

The only shining light is that JobKeeper has had some positive impact as some people have kept their jobs, but working less (as seen by the 9.4% fall in hours worked being higher than the 6.5% fall in the number of employed people).

Let’s wait and see what happens when the economy opens fully.

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Wayne Wanders, A Real CFO

wayne@aRealCFO.com.au

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