When it comes to unemployment in Australia, definitions have been broken

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The coronavirus is about to destroy the scale of economic data. What we was considered a “bad case” scenario or even indicative of times requiring stimulus no longer even computes. So quickly are things turning we almost need a new language to explain it.

One of the most common aphorisms among those dealing with data is that “the trend is your friend”. It is a nice way to note that generally when you see data – such as the unemployment rate – jumping around, the trend, which is essentially an averaged representation of the data, helps you see through the noise.

Read more: https://www.theguardian.com/business/grogonomics/2020/mar/24/when-it-comes-to-unemployment-in-australia-definitions-have-been-broken

People are seen lining up at Centrelink in Flemington on March 23, 2020 in Melbourne, Australia.

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