Job market off its peak but still strong.
Employment continues to grow at a healthy rate, despite a series of interest rate increases and weakening consumer and business confidence.
There was a surprisingly strong increase in employment – of 28,300 people – between September and October, driven by an increase of 2,000 in full-time jobs and 26,300 in part-time work.
The unemployment rate remained steady in October at 3.7%.
The number of hours worked, which provides a good overall indicator of work activity, was up almost 9,000 hours to 1,939,400 hours in seasonally adjusted terms – indicating that the labour market has significant underlying strength.
This report uncovers what’s happening across Australia, looking at how the workforce has been impacted, the challenges employers face in the current landscape and trends in national recruitment activity.
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Australian Labour Market Insights Report, Q4 2023
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