Before the pandemic, Australia’s unemployment rate was sitting at about 5.2 per cent nationally.
At the height of the employment crisis in July last year, the unemployment rate hit 7.5 per cent according to the Australian Bureau of Statistics.
This month, we have seen the unemployment rate continue its trend down and it is currently sitting at 5.6 per cent.
These figures have left me wondering if we are still hurting in terms of pandemic-related employment and what this means in real-world context.
Perhaps we really are recovering from COVID-19?
Firstly, let’s look at how the unemployment rate is determined by the ABS.
The ABS conducts the monthly Labour Force Survey, which asks 50,000 people about their labour market participation. This…