The ABS published employment data by industry which gave an insightful look into how Coronavirus (CV) restrictions have affected the economy.
Chart 1 shows unsurprisingly that tourism/hospitality related industries have been badly hurt over the last few months, with over 300,000 job losses in the accommodation and food services industry. However, the job losses have been relatively widespread, affecting blue collar and white collar industries alike. A potential surprise here has been significant job losses in the health and education industries.
Chart 1: Change in employment by industry (levels)
Chart 2 accounts for the different size of industries and shows the % change in employment over the last three months. Arts and recreational services and accommodation and foods services have seen scary losses of around 1-in-3 workers. Yet there have been a further four industries with more than 1-in-10 workers let go.
Chart 2: Change in employment by industry (%)
The bad news is there are more job losses to follow May’s numbers. Qantas recently announced 6,000 jobs to go while Deloitte announced 700 job losses, the largest of the “Big 4” so far. Worringly for the future, the opening up of the economy has seemed to have stalled, particularly in Victoria.