Please find below AMIC’s monthly industry economic update.
Key takeaways from the data:
- Employment in meat processing was down 3% to 34,741 in 2019-20, reflecting lower slaughter levels and the operational impacts of COVID, and continuing a downwards trend averaging –0.4% per year over 5 years. While smallgoods manufacturing employment increased 7% to 8156 in 2019-20, it also shows a downwards trend of –2.5% per year (5 years).
- Inflation adjusted sales and service income increased for both industries in 2019-20, up +5% to $21.0 billion for meat processors (the highest in 5 years) and up +14% to $3.9 billion for smallgoods manufacturers.
- While total wages and salaries decreased for both industries in 2019-20, there have been trend increases in inflation-adjusted wages and salaries per employee over the last 5 years of +1.3% for meat processing and +4.1% for smallgoods manufacturing, which were above the trend changes in income per employee over the same period (1.3% for both).
- In 2019-20 labour productivity (measured by value added per employee) increased by +10% for meat processing, and decreased –4% for smallgoods manufacturing. The 5-year trends in labour productivity for meat processing (+5.0%) and smallgoods manufacturing (+5.7%) were above those for all manufacturing (+0.4%) and all industries (+1.6%).