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Thursday, 17 December 2020

Jobs recovery storms on (V-shape)

Sweet V-shaped recovery for jobs

Employment soared another 90,000 higher in November.

Between February and May the Aussie economy lost 878,000 jobs.

Over the past six months 734,000 or 84 per cent have been recovered, for a classic V-shaped bounce.

The unemployment rate fell again despite record high participation, from 7 per cent to 6.8 per cent.

The highest recorded monthly unemployment rate to date was 7.48 per cent in July.

Is it possible that was the peak, and that things will only improve from here? 

This month nearly all of the jobs gained were full time, and hours worked have almost totally recovered to where they were a year earlier. 

The gains were led by another 74,000 in Victoria, and a further 24,000 in New South Wales. 

Employment has almost totally recovered in New South Wales, while in Western Australia employment is actually higher than last year. 

Amazing effort. 

You can find the detailed information as always here with James Foster