October 2020 Jobs Data

The ABS released the October 2020 Jobs Data today. On the plus side was that nearly 179,000 more people were employed in October than September. All states showed an increase in people employed with Victoria counting for nearly half of this.

On the down side was that over 204,000 more people were looking for work which meant that unemployment increased by over 25,000 people and the official unemployment rate is back to 7%.

All labour force metrics are still way down on the pre shutdown February data with employment still down 1.7% on February. Of the 226,000 jobs lost between February and October, there were nearly 239,000 full time jobs lost. Conversely the number of part time jobs actually increased by nearly 13,000. Be interesting to see how this trend progresses and whether there will be a continued switch from full time to part time jobs.

Here are the key changes in employment data between February and October.

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