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Job ads surged 42 percent in June, still well below the pre-emergence level

2019-nCoV Special
Source: xkb.com.au
[Economic News]     06 Jul 2020
As the national economic gradually reopened from the closure of the new-crowned pneumonia epidemic, job ads in australia jumped 42% in june, but the number is still much lower than at the beginning of this year. Figures released Monday by the Bank of Australia (ANZ) showed job advertisements surged to 89,252 in June, up from 62,872 in May.
Job ads surged 42 percent in June, still well below the pre-emergence level

As the national economic gradually reopened from the closure of the new-crowned pneumonia epidemic, job ads in australia jumped 42% in june, but the number is still much lower than at the beginning of this year.

Figures released Monday by the Bank of Australia (ANZ) showed job advertisements surged to 89,252 in June, up from 62,872 in May.

After a 53.7 per cent plunge in job ads in March, it fell slightly by 0.3 per cent in May.

Despite a strong rebound in job-advertising figures last month, it was 44.6% lower than last June.

"We expect the recovery to be much slower after the initial rebound (in June)," said Catherine Birch, senior economic division at ANZ. A wide range of job cuts have recently been announced in a number of areas, including tourism, retail, media, consulting and education. "

She noted that the recent sharp rise COVID-19 new cases in Melbourne and the re-closing of the postcode areas of 10 epidemic hotspots would pose a risk to the pace and timing of economic recovery.

economic local teachers are generally concerned that the unemployment rate could soar to 10% in the coming months, as multiple economic sectors have been hit by epidemic closures, particularly international tourism and education exports, and the associated housing rental market, which has been hit by the possibility that the country could not reopen this year.

Official figures on unemployment last showed that the unemployment rate fell to 7.1% in May. Many economics pointed out that if not for government employment-preserving Jobkeeper salary subsidies, more companies would cut jobs, sending unemployment rates soaring to more than 11%.

ANZ's job-vacancy series is closely watched by the Federal Reserve Bank of Australia, which provides a leading indicator of the job market from job advertising, while Australia's Bureau of Statistics (ABS) figures are biased towards companies' willingness to recruit.

The Reserve Bank has lowered its Australian official interest rate to 0.25% and launched a massive quantitative easing policy, buying government bonds heavily from the secondary market, injecting liquidity into the market to stimulate economic repeat the shock of the crisis.

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