This article is recommended for both employers and job seekers
February to March, 2024
The Australian job market experienced notable changes from February to March 2024, revealing a mix of fluctuations in employment, participation rates, and working hours.
The Australian Bureau of Statistics (ABS) has released the latest data, providing insights into key indicators that reflect the health of the nation's employment landscape.
Changes in employment
Despite an overall decrease in total employment by 6,600 people (0.0%), the monthly hours worked across all jobs increased significantly by 17 million hours (0.9%), rising from 1,939 million to 1,956 million hours.
Full-time employment saw growth, with an increase of 27,900 people, bringing the total number of full-time employees to 9,853,800 individuals. In contrast, part-time employment experienced a decline, with a decrease of 34,500 people, resulting in a total of 4,406,100 part-time employees.
The employment-to-population ratio increased slightly from 64.2% to 64%, indicating a higher percentage of the population participating in the workforce. However, the participation rate decreased from 66.7% to 66.6%, with decreases observed for both men (70.7% to 70.6%) and women (62.8% to 62.6%). This suggests a slight decrease in the number of individuals actively seeking employment or participating in the workforce.
Changes in unemployment
During the same period, the unemployment landscape in Australia showed some shifts. The unemployment rate increased from 3.7% to 3.8%, translating to an increase of 20,600 unemployed individuals. The total number of unemployed people rose from 549,300 to 569,900.
On the other hand, the underemployment rate decreased from 6.6% to 6.5%, indicating a slight improvement in the number of individuals who are employed but seeking additional hours of work. The underutilisation rate, combining unemployment and underemployment, remained stable at 10.3%.
Conclusion | How is the job market in Australia?
The data from February to March 2024 provides a nuanced view of the Australian job market. While there was a slight decrease in total employment, the increase in full-time employment and total hours worked suggests a more engaged workforce. However, the rise in the unemployment rate, albeit modest, indicates ongoing challenges for those seeking work.
If you're interested in taking a closer look at the job market in Western Australia, you can click the button below to watch our latest Perth job market update video where we 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 🙂
Christian Madsen
Managing Director of 11 Recruitment
Thanks for the update! It’s interesting to see how the employment stats have essentially returned to follow the same trend as before COVID-19.
Hi Derek, thanks for taking the time to leave a comment. I’m glad you enjoyed the update 🙂
If you want a more in-depth look at how the job market is going in WA, I encourage you to check out my latest Perth job market update: https://11recruitment.com.au/blog/how-is-the-job-market-in-perth/