Job market cooling yet workers still have room to move
Candidates are facing stiffer competition in the jobs market as interest grows in open roles.
Several workforce shortages during the pandemic recovery led to a sharp slowdown in applications per job on employment marketplace Seek.
The site has since observed a steady recovery in the number of interested candidates over the past six months, with applications per job ad now more than double the levels recorded this time last year.
Seek senior economist Matt Cowgill said the uptick in interest in August was clear across all industries, especially in manufacturing, transport and logistics gigs.
“We do appear to be moving closer to a hirer’s market, and yet there is still plenty of choice for workers looking to make a move,” the economist said.
The August dataset also recorded a 1.8 per cent fall in job ads, which followed a bump in July.
The forward-looking indicator has otherwise been softening, suggesting the market is gradually loosening up.
Yet a pullback in job vacancies and job ads from record highs has yet to show up materially in official employment data.
August labour force figures from the Australian Bureau of Statistics recorded a stronger-than-expected 65,000 new jobs, with the unemployment rate holding steady at 3.7 per cent.
The jobs market is monitored by the Reserve Bank in its fight against high inflation for signs of heated competition spilling into higher wages, although there has been little evidence of this so far.
The central bank is due to release the minutes of its September meeting, where it opted to keep interest rates on hold for the third month in a row.
This followed 12 increases in a little over a year, bringing the cash rate to 4.1 per cent.
Candidates are facing stiffer competition in the jobs market as interest grows in open roles.
Several workforce shortages during the pandemic recovery led to a sharp slowdown in applications per job on employment marketplace Seek.
The site has since observed a steady recovery in the number of interested candidates over the past six months, with applications per job ad now more than double the levels recorded this time last year.
Seek senior economist Matt Cowgill said the uptick in interest in August was clear across all industries, especially in manufacturing, transport and logistics gigs.
“We do appear to be moving closer to a hirer’s market, and yet there is still plenty of choice for workers looking to make a move,” the economist said.
The August dataset also recorded a 1.8 per cent fall in job ads, which followed a bump in July.
The forward-looking indicator has otherwise been softening, suggesting the market is gradually loosening up.
Yet a pullback in job vacancies and job ads from record highs has yet to show up materially in official employment data.
August labour force figures from the Australian Bureau of Statistics recorded a stronger-than-expected 65,000 new jobs, with the unemployment rate holding steady at 3.7 per cent.
The jobs market is monitored by the Reserve Bank in its fight against high inflation for signs of heated competition spilling into higher wages, although there has been little evidence of this so far.
The central bank is due to release the minutes of its September meeting, where it opted to keep interest rates on hold for the third month in a row.
This followed 12 increases in a little over a year, bringing the cash rate to 4.1 per cent.
