The recovery in the jobs market hit a speed bump before the Victorian government imposed a second coronavirus lockdown and economists warn there could be a new spike in unemployment | JennieDuke
The recovery in the jobs market hit a speed bump before the Victorian government imposed a second coronavirus lockdown and economists warn there could be a new spike in unemployment.
Council of Small Business Australia chief executive Peter Strong said the end of financial year could have prompted larger businesses to undertake lay-offs as they formalised plans to recover from the lockdowns. This could be behind the drop-off in late-June. "Payrolls for nine of the 19 industry groups [measured by the ABS] rose in the final week of June, which would suggest that there is no single factor behind the decline," Mr Pickering said.As the data set was created during the pandemic to provide more timely statistics about the economy, he said it was hard to tell whether a fall in June was typical. UBS was cautious about the decline, noting past releases of the data have been "materially revised".
"The survey was conducted just prior to the reintroduction of lockdowns in Victoria – so we will be closely watching next month's survey to see how confidence and conditions are again impacted there and indeed more broadly, with developments in the state highlighting the risk to business Australia-wide," he said.
Commonwealth Bank household spending data shows that while credit and debit card spending across the country was up 7.2 per cent compared to a year ago, spending growth in Victoria had fallen 3 per cent.
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