Jobs market weaker but still resilient.
Australia’s labour market shows continuing signs of weakness as the economy slows, with fewer job ads and higher unemployment.
Predictably, as the broader economy weakens, businesses have scaled back hiring activity, while some firms have begun to shed staff.
But it is far from a collapse in the labour market. Indeed, the latest Australian Bureau of Statistics jobs figures show a resilient employment market that continues to see firm growth in some sectors – and enough overall expansion to suggest that Australia may avoid dipping into recession.
But in some industry sectors, job vacancies are drying up rapidly – and there is more intense competition among candidates.
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