Unemployment rate steady at 5.2% as eyes shift to April data for COVID-19 impact

Unemployment rate steady at 5.2% as eyes shift to April data for COVID-19 impact
Unemployment rate steady at 5.2% as eyes shift to April data for COVID-19 impact

There was little change in the March unemployment figures today released by the ABS, with only a small early impact from COVID-19 on the labour market early in the month.

ABS chief economist Bruce Hockman said the major COVID-19 related actions will be evident in the April data.

“Given the expected unseasonal change in key labour market indicators in the current COVID-19 context, the ABS will increase the focus on seasonally adjusted over trend data estimates for April and subsequent months,” Hockman said.

There will be additional products to assist the ABS in measuring the labour market impacts of COVID-19.

From March 1 to March 14, before the shutdown, employment increased by 16,800, with full-time employment up 8,800. Part-time employment also rose by 8,000.

Unemployment increased by 3,500.

Westpac's Bill Evans tips the June quarter unemployment rate to hit 11 per cent.

The RBA want to get the unemployment rate down to 4.5 per cent before they consider hiking interest rates.

AMP Capital's chief economist Shane Oliver says April will see a big deterioration, with unemployment rising towards 10 per cent by June.

 

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Unemployment COVID-19

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