KPMG comments on today’s ABS jobs data
To some degree, this month’s figures represent a blip – the payroll data released yesterday by the ABS shows this hike in the unemployment rate will be temporary.
This episode looks at those people who are able to reinvent themselves successfully time and time again.
Jodie Patron, KPMG Senior Economist comments on the latest ABS labour data
Jodie Patron, KPMG Senior Economist, responds to ABS August jobs data
The latest ABS jobs data shows state variations, driven by the latest COVID-19 lockdowns which have again divided the economy.
The headline of today’s ABS jobs figure is very positive – the lowest unemployment rate for a decade.
While KPMG anticipate job losses will occur as a consequence of the wage subsidy programme ending, we are not expecting to see job figures ‘falling off a cliff’ next month either.
Overall, we believe the unemployment rate will stay around its new level for the next few months as the economy consolidates and handles the transition out of high levels of government support to the business sector.
Today’s Labour Force survey shows that the Australian economy was continuing to recover in September despite the unemployment rate ticking up to 6.9 percent.
While these are a “beautiful set of numbers” we already know this rebound in employment is not likely to last into July because of the re-imposition of lockdown restrictions in Melbourne
The ABS figures show the labour market deteriorated through May, consistent with expectations that the Australian economy was in the midst of a sharp contraction due to the coronavirus shutdown.
Everyone’s graduate experience is difference but the lessons I learnt, and now see played out in others, are worth sharing.
© 2022 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.