Employment in private sector decline by 5.5pc: Bank

THE employment index from the Bank of PNG (BPNG) shows that the level of employment in the formal private sector declined by 5.5 per cent in the September quarter of 2020, compared to an increase of 1.3 per cent in the June quarter of 2020.
This was highlighted in BPNG’s quarterly economic bulletin for last September quarter, released last week.
BPNG governor Loi Bakani said excluding the mineral sector, the level of employment fell by 1.4 per cent.
“By sector, the level of employment dropped in all the sectors except the financial/business and other services, and the wholesale sectors,” he said.
“By region, the level of employment fell in the Highlands, Mamose (excluding Morobe) and Southern, excluding National Capital District, while it increased in Morobe.
“The level of employment remained unchanged in the New Guinea Islands.
“Over the year to September 2020, the total level of employment fell by 7.0 per cent, compared to an increase of 2.1 per cent in the corresponding period of 2019.
“Excluding the mineral sector, the level of employment fell by 2.7 per cent over the year to September 2020, compared to a decline of 0.4 per cent in the corresponding period of 2019.”
Economic indicators available to BPNG showed that domestic economic activity contracted and remained depressed over the year to the last September quarter, mainly reflecting the adverse impact of the global Covid-19 pandemic.