{"id":12615,"date":"2024-10-17T13:09:02","date_gmt":"2024-10-17T02:09:02","guid":{"rendered":"https:\/\/www.hiringlab.org\/au\/?p=12615"},"modified":"2024-10-31T05:57:27","modified_gmt":"2024-10-30T18:57:27","slug":"september-2024-au-labour-force-survey-close-to-flawless","status":"publish","type":"post","link":"https:\/\/www.hiringlab.org\/au\/blog\/2024\/10\/17\/september-2024-au-labour-force-survey-close-to-flawless\/","title":{"rendered":"September 2024 AU Labour Force Survey: Close to Flawless"},"content":{"rendered":"\n<p><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Australian employment rose by 64,100 people in September, continuing recent strong gains, to be up by around 435,000 over the past year.&nbsp;<\/li>\n\n\n\n<li>Australia\u2019s unemployment rate eased slightly to 4.1%, reaching its lowest level since May, with broader measures of labour market underutilisation also down.&nbsp;<\/li>\n\n\n\n<li>Australia\u2019s participation rate rose further to 67.2%, establishing a new record high.\u00a0<\/li>\n<\/ul>\n\n\n\n<p>Australian <a href=\"https:\/\/www.abs.gov.au\/statistics\/labour\/employment-and-unemployment\/labour-force-australia\/sep-2024\" target=\"_blank\" rel=\"noreferrer noopener\">employment rose 64,100 people<\/a> in September \u2014 <a href=\"https:\/\/au.investing.com\/economic-calendar\/employment-change-94\" target=\"_blank\" rel=\"noreferrer noopener\">well above market expectations<\/a> \u2014 with the unemployment rate easing slightly to 4.1%.&nbsp;<\/p>\n\n\n\n<p>Australian employment continues to surge higher, driven by strong job creation across most sectors. Forward-looking indicators of labour demand \u2014 such as job vacancies and <a href=\"https:\/\/data.indeed.com\/#\/postings\" target=\"_blank\" rel=\"noreferrer noopener\">Indeed job postings<\/a> \u2014 suggest that job creation in the near-term will remain strong. That\u2019s helped the nation absorb the impacts of cost-of-living pressures and other economic challenges.<\/p>\n\n\n\n<p>Australian employment increased by around 435,000 people over the past year and by around 267,000 people in the past six months. That sort of employment growth was unheard of before the pandemic and remains quite remarkable given Australia\u2019s otherwise anemic economic performance. Full-time employment accounts for almost 60% of annual employment growth and two-thirds of growth over the past six months.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXc5jgfRQ16J5fxlBD6_Jy5nDrhhAwQt9VnYVcOL-s57v-c8gpL0D8iUaC5PgQ1hRV0lrtf38s4M_M3EFtsoJy3_1U4RRC0MjPI3WHxHU1S9f-iL9_5NET1Oh-sUr-2Ke3eOtQQD8MLzfflJwsjLELFm46aW?key=DVoL06goVOeleYeaTZEATA\" alt=\"Bar graph titled \u201cChange in Australian employment\u201d. With a vertical axis ranging from -800,000 to 1,200,000, Australian employment rose by 434,900 people over the past year, remaining high by historical standards.\u00a0\" \/><figcaption class=\"wp-element-caption\"><em>Bar graph titled \u201cChange in Australian employment\u201d. With a vertical axis ranging from -800,000 to 1,200,000, Australian employment rose by 434,900 people over the past year, remaining high by historical standards.&nbsp;<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Australia\u2019s unemployment rate eases slightly<\/h2>\n\n\n\n<p>Australia\u2019s unemployment rate declined by 0.1 percentage points, to 4.1%, falling to its lowest level since May. The underemployment rate \u2014 which includes people who have a job but want more hours \u2014 also eased to 6.3% in September (from 6.5% a month earlier), leaving Australia\u2019s underutilisation rate at 10.4%, its best result since March. All three measures remain well below pre-pandemic levels and comparable to labour market conditions in the boom years before the global financial crisis.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXclxfxiIOrDLVzWPAVyMXxRj__69Zmf4nFlF9_rL6r_MjG0b_5k8qk5s0zfzAMSDwFe8d4HlxzvRXMREnzPh1nykddaKh9ZEGI9Lhh5esN98pWYNCjfrxS6M9kabjLRNhSVOPLLMhsuApYnY83mBYuJHJsl?key=DVoL06goVOeleYeaTZEATA\" alt=\"Line graph titled \u201cAustralian unemployment measures.\u201d With a vertical axis ranging from 0 to 25%, Australia\u2019s main unemployment and underemployment measures remain low by historical standards and well below pre-pandemic levels.\u00a0\" \/><figcaption class=\"wp-element-caption\"><em>Line graph titled \u201cAustralian unemployment measures.\u201d With a vertical axis ranging from 0 to 25%, Australia\u2019s main unemployment and underemployment measures remain low by historical standards and well below pre-pandemic levels.&nbsp;<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Another month, another record for Australia\u2019s labour force participation rate<\/h2>\n\n\n\n<p>In September, Australia\u2019s participation rate reached 67.2% and has increased by 0.7 percentage points over the past year. Plenty of job opportunities, the nation\u2019s cost-of-living crisis and older workers remaining in the workforce longer than in the past have led to rising workforce participation in recent years.<\/p>\n\n\n\n<p>Whether rising participation in the workforce is a positive or negative economic development depends largely on what drives it. In recent decades, rising participation among women has reflected a more inclusive working environment and greater emphasis on work-life balance. Whereas the recent increase, perhaps due to cost-of-living pressures, perhaps reflects concerns around a person or household\u2019s financial livelihood. It will be interesting to see whether workforce participation softens as cost-of-living pressures subside.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcnsTEC0foyljSFrJCVVkBTQEV-rLH9o7AKHEy9pITMkauSZKY7uyIWSuyLHZzPRR_nS3XGEZrrZJIHYWN8erXWvt6bvMW-R6QlxGtj3vBhxc4zMCwtfrVPqAe_snh6-4U3iOtiOEYBtGxjo2boJKXzdy0?key=DVoL06goVOeleYeaTZEATA\" alt=\"Line graph titled \u201cAustralian labour force participation rate\u201d. With a vertical axis ranging from 60 to 68%, Australia\u2019s participation rate reached a record high of 67.2% in September and is well above pre-pandemic levels.\" \/><figcaption class=\"wp-element-caption\"><em>Line graph titled \u201cAustralian labour force participation rate\u201d. With a vertical axis ranging from 60 to 68%, Australia\u2019s participation rate reached a record high of 67.2% in September and is well above pre-pandemic levels.<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Assessment and implications<\/h2>\n\n\n\n<p>Australia\u2019s labour market remains incredibly tight and is proving highly resilient. The unemployment rate is low, employment growth is strong and forward-looking measures of labour demand remain solid. This was a jobs report that was close to flawless, but it\u2019s also a jobs report that feels at odds with Australia\u2019s anemic economic performance. It\u2019s hard to imagine that dynamic \u2014 strong employment growth and dreadful economic growth \u2014 being maintained for long.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australia\u2019s latest labour market figures were close to flawless. Strong employment gains, lower unemployment, rising hours worked and higher participation \u2014 it ticked all the boxes.<\/p>\n","protected":false},"author":103,"featured_media":12616,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"recruiter-hub-blocks.php","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[1],"tags":[141],"post_mwm_category":[224],"post_topic":[],"post_content_type":[],"post_duration":[],"post_actions":[],"post_franchise":[],"post_mwm_author":[182],"class_list":["post-12615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-multimedia","post_mwm_category-state-of-the-labour-market","post_mwm_author-cpickering"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>September 2024 AU Labour Force Survey: Close to Flawless - Indeed Hiring Lab 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