The first Labour Market Update (LMU) report for 2024 is now available.
The report found that labour market conditions eased over the December quarter 2023, with an ongoing shift away from full-time employment towards part-time jobs growth.
Data from JSA’s Internet Vacancy Index and Recruitment Experiences and Outlook Survey also show that recruitment activity has fallen in recent months, providing further evidence of the softening in the labour market. The above insights are consistent with the Treasury forecasts suggesting that the pace of growth will continue to ease and the unemployment rate will edge up further in the period ahead.
Despite a clear softening, underlying labour market conditions remain reasonably tight, and many employers are still experiencing challenges finding suitable workers to fill positions, while some shortage pressures remain evident.
The report also examines some of the longer-term trends in the labour market. The Health Care and Social Assistance industry made the largest contribution to employment growth over the year to November 2023, continuing the trend of strong growth in the industry over the past two decades.
Aged and Disabled Carers and Registered Nurses were the occupations with the largest increases in employment over the year to November 2023. These occupations were both in shortage on the 2023 Skills Priority List, highlighting the significant staffing challenges evident in these areas.
For a more comprehensive story about the state of the current Australian labour market, read the full report.
