Job Market Steadies in August

The Australian employment market stabilised in August following several months of decline, according to the latest data from SEEK Intelligence.

Nationally the SEEK Employment Index (SEI), which measures the ratio of new job ads to job applications, rose by 0.2% (seasonally adjusted) for the month.

Employment market stabilising was seen in every state and territory except Queensland, with the ACT (up 4.3%) and Victoria (up 1.7%) experiencing the greatest increases.

Job Advertisements

The number of new jobs advertised nationally rose by 0.1% in August, to be 2.2% higher than a year earlier. This followed a modest fall of 0.5% in July. Western Australia and Queensland remain the strongest states in terms of the
number of job opportunities available, with new job ads up by 1.2% and 0.9% respectively in the month of August, and up 21.6% and 9.2% year on year.

Job Applications

Job seeking activity declined marginally in August with total applications for jobs placed with SEEK in response to advertised positions decreasing by 0.1%. On a state by state basis, New South Wales (-3.4%), South Australian (-2.4%) and Victorian (-1.6%) employers received fewer applications on average for their advertised roles last month. The ACT and Queensland experienced the biggest increases in job applications received, rising 2.4% and 1.6% respectively.

Commenting on the results, SEEK Sales Director Joe Powell said:

ìAfter several months of employment market softening, the slight increase in job market activity in August is encouraging and may suggest a ësoft landingí for the
Australian economy. ì

ìThe stabilisation of the job market this month coincides with lower oil prices, a better outlook for inflation as well as interest rate cuts following this weekís RBA decision.î

ìThe good news for job seekers is that securing a role in August was a little bit easier than it has been for much of 2008. It could be that employers were looking to get through the busy period that is the end of the financial year before moving forward with their recruitment activities.î

ìItís too early to tell if this signals the end of the softening of the employment market based on oneís monthís data. Further observations over the next few months will be needed to decide whether the tide is turning, but it is an encouraging place to be early in the new financial year,î said Joe Powell.