Employment Trends – February 2023

Employment Market Overview

Snapshot of current employment trends for February 2023:

• Unemployment rate remained at 3.5%
• Youth unemployment rate increased to 7.9%
• Participation rate decreased to 66.6%
• SEEK reported job ads decreased 1.6% month-on-month (m/m) and are 12.2% lower year-on-year (y/y).
• Applications per job m/m on SEEK down 1.85%

Of the February data, Kendra Banks, Managing Director, SEEK ANZ, says:

“The job market remains tight when comparing to pre-COVID, but in the context of last year’s Great Job Boom, the market has eased and candidate activity is returning to normal levels.”

SEEK reported that whilst applications per job ad also fell for the first time in eight months, current levels remain among the highest they have been in the past two years.

LinkedIn’s State of the Market newsletter similarly shows that the labour market has cooled to back to pre-pandemic levels. LinkedIn reported that the ratio of job openings to active applicants in Australia is 4 active applicants per job opening.

According to Indeed, job postings had fallen 11.8% by the end of January 2022 compared to a month earlier. Despite the large January decline, there are still more than twice as many job postings in January as there were prior to the pandemic.

Employment Trends – State & Territory Insights

While job ads declined overall on SEEK, Northern Territory (5.0%), Western Australia (1.4%) and Tasmania (0.1%) actually recorded an increase in job ad volume in February 2023 on SEEK.

For the states where job ads have fallen, SEEK reported the key industries influencing the decrease were:

• New South Wales: Hospitality & Tourism roles fell 4.5%
• Victoria: Trades & Services down 2.6%
• Queensland:  11.5% drop in Information & Communication Technology roles

Is your organisation finding it challenging to find staff?

Horner recruits nationally across a diverse range of industries for roles from entry level to executive. If you are finding it difficult to find the right staff for your organisation, contact your local Horner branch or email horner@horner.com.au to see how we can assist you with your temporary or permanent recruitment needs.

Source: ABS, SEEK, LinkedIn and Indeed Hiring Hub