Employment Market Trends. Are you in the Market for a new job or looking to recruit?
If so – read on!
#employment #markettrends #jobads
Some key points / facts to consider as you reflect on your current job and future possibilities. Seek senior economist Matt Cowgill and Michael Read and Sarah Jones (Financial Review) have noted recent trends.
The Good News
- Australian employment increased 55,000 in October, the jobless rate is still low at 3.7% (Financial Review – Sarah Jones – 16th November 2023)
- Advertisements for low-paid retail and hospitality positions boom, still buoyed from workforce challenges due to the pandemic. Job ads for the 20 per cent of the lowest-paid positions – which includes occupations such as administrative assistants, chefs and warehouse workers – were 50 per cent higher than in February 2020.
- Announced on 15 Nov 2023, (Financial Review – Joshua Peach) and according to the ABS, Australia’s Wage Price Index shows the highest quarterly growth in the 26-year history of the WPI, likely due to an increase in wages recently paid to 250,000 aged care workers.
- While the jobs market remains strong, White-collar job openings have sunk below pre-pandemic levels.
- The RBA has signalled the decline in job advertisements is a leading indicator of a looming labour market slowdown. While the unemployment rate has hovered near a five-decade low of 3.6 per cent for the past 18 months, the central bank expects the unemployment rate to increase to 4.2 per cent by the end of 2024.
- The big four banks and major consulting firms have collectively cut thousands of roles, due to growing cost pressures, increasing interest rates and the economic slowdown, causing demand for their services to fall.
- After surging at the end of COVID-19 lockdowns, the number of advertisements for the highest-paid 20 per cent of jobs is now 15 per cent below pre-pandemic levels.
- Low-income job opening numbers remain elevated, but have moderated sharply since last year, coinciding with an influx of international students and working holidaymakers.
But on the balance of these market trends, if the time is right for you to consider an employment opportunity, there is no time like the present, as we approach end of 2023 and a fresh year in 2024.