ABS March unemployment figures are misleading – because second half of March ignored!

Original article by Gary Morgan, Michele Levine, Julian McCrann
Market Research Update – Page: Online : 17-Apr-20

The ABS yesterday, finally, released their March unemployment estimates – actually the first half of March. The ABS March employment estimates show employment increasing by 6,000 and unemployment virtually unchanged at 5.2%, up only 0.1% from February – both very misleading and should never have been released in their current form. On April 8, 2020 Roy Morgan released accurate real employment and unemployment estimates for the whole of March – pre and post COVID-19 lock-down. Roy Morgan’s unemployment estimate pre the COVID-19 lock-down was 7.3%, essentially unchanged on February. However, Roy Morgan’s late March unemployment estimates showed the Government’s COVID-19 lockdown response resulted in an extra 1.4 million Australians becoming unemployed in a matter of two weeks, leading to unemployment of 2.4 million (16.8%) and under-employment increasing 374,000 to 1.52 million (10.6%) in the second half of March. This means a record high 3.92 million (27.4%) of Australians were either unemployed or under-employed and looking for more work in the second half of March – depression numbers! (Following is a link to full details on Roy Morgan’s March employment and under-employment estimates: http://www.roymorgan.com/findings/8363-roy-morgan-unemployment-and-under-employment-march-2020-202004080900)

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

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