How is the job market in Australia?
September to October, 2023
Changes in employment
From September to October 2023, Australia experienced a positive shift in employment dynamics. The workforce grew by 55,000 people, marking a 0.4% increase and bringing the total number of employed individuals to 14,173,500. This uptick is reflective of a resilient job market and presents promising opportunities for those seeking employment.
The 0.5% increase in monthly hours worked, totalling 9 million hours, further reinforces the notion of sustained economic activity and demand for labour.
Moreover, the employment-to-population ratio rose by 0.1% to 64.5%, indicating an increase in the proportion of working-age Australians actively engaged in the workforce.
Additionally, the participation rate increased by 0.2% to 67%. This rise highlights a heightened level of engagement in the labour force, with the participation rate rising to 71.3% for men and 62.8% for women.
Changes in unemployment
While the overall employment scenario showed growth, there were slight changes in the unemployment landscape. The unemployment rate in Australia experienced a slight uptick from 3.6% to 3.7%. This marginal increase translated to 27,900 more individuals joining the ranks of the unemployed, bringing the total to 547,800. This shift suggests a tightening job market and an elevated number of people actively seeking employment opportunities.
Additionally, the underemployment rate remained stable at 6.3%, indicating a degree of consistency in the popularity of part-time or insufficient employment. However, the underutilisation rate increased to 10%, highlighting the broader challenges in aligning workforce skills and availability with market demands.
Conclusion | How is the job market in Australia?
Overall, the Australian job market experienced slight but ultimately insignificant changes in October and has remained relatively stable. Positive indicators such as increased employment and hours worked highlight the country's economic resilience. However, challenges persist, as reflected in the uptick in the unemployment rate and underutilisation rate.
If you're interested in taking a closer look at the job market in Western Australia, you can click the button below to watch my latest Perth job market update video where I analyse the factors influencing the number of job ads posted on SEEK for Perth, as well as what the result may be for job seekers and business owners.
What are your thoughts?
I'd love to have a conversation with you about this topic - please leave a comment below if you have any thoughts or opinions 🙂
Managing Director of 11 Recruitment