Jobless data hides the premiers’ recession

Original article by Terry McCrann
Herald Sun – Page: 59 : 20-Aug-21

The latest ‘official’ unemployment data belies the fact that the Australian economy is already in a ‘second wave’ recession. The Australian Bureau of Statistics figures show that the unemployment rate fell to a 12-year low of just 4.6 per cent in July. The more accurate and more meaningful data released by Roy Morgan two weeks ago had already shown that the real jobless rate in July was 9.7 per cent. Likewise, the Roy Morgan figures show that the underemployment rate is 9.1 per cent, compared with the ABS estimate of 8.3 per cent. Unlike the Roy Morgan data, the ABS figures cover only the first half of July, so they include Victoria’s fifth lockdown but not the current and already much longer one.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, ROY MORGAN LIMITED

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