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Australia's Employment

Unemployment figures are likely going to be the key to assessing the longer-term impact of the coronavirus lockdowns.

While companies can restart operations fairly quickly on a technical basis, the loss of qualified personnel means that it will take longer to return to productivity.

Job losses also imply a drop in consumer demand in the future, as unemployment benefits run out.

Even before the pandemic, employment figures were a key measure for the AUD. The RBA routinely used to guide policy.

Now that the reserve bank has committed to a fixed rate in the near term, all attention is on how deep the economic impact from the pandemic is going to be.

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The Different Outlooks

Some analysts are pointing to the massive job losses in the US as a potential pattern for Australia. They are predicting well over a million job losses.

However, it’s worth noting that in the US, employees have to file for unemployment...


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