Employment Trends – August 2024
24 September 2024
Snapshot of the latest employment trends August 2024:
- The unemployment rate remained at 4.1% compared to 3.9% at the beginning of 2024
- National job ads have slowed to 13% on SEEK, and 14.3% on Indeed year-on-year
- Job ad volumes have increased by 0.3% month-on-month nationally on SEEK applications per job ad month-on-month increased on SEEK by 0.5%
- The Jobs Report shows that of non-professional occupations, only Service and Community Workers job postings rose
- Manager and Professional roles all saw a decline for the second successive quarter according to The Jobs Report
STATE & TERRITORY INSIGHTS – SEEK
State and territory job ad growth/decline comparing August 2024 to August 2023 (y/y)
- Australian Capital Territory -10.7%
- New South Wales -17.2%
- Northern Territory -8.1%
- Queensland -3.6%
- South Australia -3.5%
- Tasmania 1.9%
- Victoria -20.1%
- Western Australia -12.5%
INDUSTRY INSIGHTS – SEEK
SEEK reported that around half of the industries in Australia recorded rises in job ads in August 2024. The top three industries recording an increase (August 2024 v July 2024) included:
- Hospitality & Tourism (6.4%)
- Call Centre & Customer Service (4%) and
- Community Services and Development (3.2%)
Hospitality and Tourism drove the growth of of job ads in August, particularly across South Australia (13.4%), Victoria (10.6%), and New South Wales (8.9%). The Information and Communication Technology industry is on the rise for the first time since 2021, with August recording the second month of job ad growth.
According to SEEK, the industries recording the biggest decline in job ad percentage change in August compared to July were:
- Advertising, Arts, and Media (-13.4%)
- Sport and Recreation (-6.4%)
- Retail and Consumer Products (-5.2%)
“Job ad volumes in August were largely in line with July, up a marginal 0.3%.” Leigh Broderick, Head of Employment Analytics at SEEK said. “Demand continues to be lower across the majority of industries”, but some industries “have started to recover”.
Key drivers for Job Seekers
Work-life balance and salary remain the key drivers for candidates according to SEEK, while the Victorian Chamber of Commerce reports similar with flexibility, diversity, equity, inclusion and belonging (DEIB) policy and pay transparency all being the key inclusions in job postings for attracting top talent.
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About the SEEK Employment Report
The SEEK Employment Report is Australia’s leading employment index and provides a comprehensive overview of the Australian Employment Marketplace. The report includes the SEEK Employment Index (SEI) which measures only new job ads posted within the reported month to provide a clean measure of demand for labour across all classifications.
About Indeed Hiring Lab
Indeed Hiring Lab creates innovative data insights on the global labour market that inspire new conversations about the state of work. As the economic research arm of Indeed, the world’s number one job site, Hiring Lab is driven by a team of leading economists who provide real-time thought leadership on global labour market conditions, including hiring trends, salary information, popular skills, and employer benefits.
About The Jobs Report
Powered by the industry body for recruitment and staffing, RCSA, The Jobs Report draws upon more than 6,500 job data sources to ensure each quarterly report is accurate and comprehensive. The Jobs Report is a quarterly report on job demand and job opportunities within Australia and New Zealand. Breaking the job market down by industry, occupation and region, The Jobs Report scans for change and tracks the trends.