Employment Trends – October 2023

Employment Market Overview

Snapshot of the latest employment trends for October 2023:

• Unemployment rate remained at 3.7%
• Participation rate decreased to 66.8%
• SEEK National job ads month-on-month (m/m) have declined 5.0%
• Job ad volumes on SEEK are 16.6% higher than October 2019
• Applications per job ad rose 4.1% month-on-month on SEEK

Job ad volumes on SEEK are now 19.9% lower year-on-year (y/y) but are still 16.6% higher compared to October 2019. The decline was a result of job ad numbers falling in Victoria and New South Wales.

After slowing the month prior, growth in applications per job ad picked up again in September 2023, rising 4.1%, and in almost every industry. Levels are now 81.1% higher y/y.

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

“Job ads fell 5.0% in October, indicating that perhaps employers have begun winding up their hiring activity early for the year. Despite the proximity to the busy summer season, Hospitality & Tourism recorded the greatest drop in ad volume, likely due to inflation and the rising cost of living putting continued pressure on businesses. There is still increasing interest among candidates to find a new role, as applications per job ad rose in almost every industry and in all of the largest states. With two months until the end of the year we would expect both hiring and application activity to slow over the coming months, before picking up again early next year. In the lead up to Christmas, it is an ideal time to snap up top talent with job ads on the decline and applications increasing.”

Employment Trends – State & Territory Insight

• Applications per job ad rose in all states aside from Tasmania, and in the two territories.
• Victoria led the decline in job ads, falling 6.8% month-on-month (m/m), followed by New South Wales, which fell 5.1%
• The sharp decline was mainly due to an 8.2% drop in Melbourne metro jobs, particularly in the Construction and Industrial sectors, compared to the rest of the state where job ads fell 2.8%.
• The states to record a rise in job ads in October were Tasmania (1.4%) and Western Australia (1.0%).

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Source: ABS, SEEK, LinkedIn and Indeed Hiring Hub