Ann: COVID-19 Update, page-14

I cannot wrap my head around this. Job adds are going to be meaningfully down for the next 2-3 months (~60%), we know this. Then as we exit this period into a more normal economy, the possibility of a prolonged reduction in ads is very likely. as has been mentioned, jobkeeper allows employees to retain most of their staff and the prospects for the marginal employee at most companies being hired in the other is if this is just not there. Almost every industry will look to to run a leaner cost base for at least 12 months on the other side of this. Not to mention industries such as tourism that are going to be completely decimated for 2+ years. SEK isn't exactly cheap on my numbers and yet looks one of the most challenged businesses both short and medium term. There are plenty of head scratchers out there at the moment, and this is certainly one of them. Happy to put it out there, I think a large pullback is coming. I could easily be wrong though. Just my assessment