Bill Mitchell — Australian labour market – as Covid spreads, workers get sick and hours or work falls dramatically

The Australian Bureau of Statistics released the latest labour force data today (February 17, 2022) – Labour Force, Australia – for January 2022. The situation is this: most states have now abandoned Covid restrictions and the virus has spread quickly and is now impacting significantly on the availability of workers. One standout in today’s data is the dramatic fall in monthly hours worked (-8.8 per cent). This puts paid to the notion spread by economists that there is a trade-off between the economy and the health of workers. Employment growth was modest to say the least and full-time jobs growth was negative. The unemployment rate was unchanged. The flat population growth as external borders remain largely closed (or there is a slow take-up of international travel opportunities from foreign tourists) has helped keep the unemployment rate low as employment growth slows dramatically. The falling fiscal support is not helping however....

Bill Mitchell – billy blog
Australian labour market – as Covid spreads, workers get sick and hours or work falls dramatically
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia