Australia: Total payroll jobs fell by 7.3% from Mid-March to early May (seven weeks) – ABS
|The Australian Bureau of Statistics (ABS) is out with its latest data on the labor market, reflecting the impact on the country’s employment during the coronavirus lockdown period.
Key highlights
"Over the seven weeks from mid-March to early May, total payroll jobs fell by 7.3%.”
"The latest data shows a further slowing in the fall in COVID-19 job losses between mid-April and early May."
"The week-to-week changes are much smaller than they were early in the COVID-19 period. The decrease in the number of jobs in the week ending 2 May was 1.1%, which was only slightly larger than the 0.9% increase in the week ending 25 April."
“Total job losses as of the week ending 18 April have been revised down from 7.5% to 7.1%.”
“Some industries were now showing a reduced impact in the most recent weeks.”
Market reaction
Following the RBA minutes release and weak Australian jobs data, the Australian dollar came under fresh selling pressure. AUD/USD retreated further from the six-day highs of 0.6550 to now trade flat around 0.6525 region.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.