Job losses stabilise and stock market bounces back as Australia comes out of lockdown

The worst may be over for coronavirus job losses with fewer people losing work even before COVID-19 lockdowns were eased. In the seven weeks to May 2, total payroll employment fell by 7.3 per cent, the Australian Bureau of Statistics revealed on Wednesday. While the decline was steep, it was less severe than the 7.5 per cent drop in the five weeks between March 14 and April 18. The ABS's head of labour statistics Bjorn Jarvis said the rate of decline in the labour market was moderating, even though 1.3million Australians are either officially unemployed or have given up trying to find a job.