There was little change in ABS labour force figures for January, with seasonally adjusted unemployment remaining steady at 4.1% nationally (no movement in the participation rate).
While this may seem uneventful, stability at this level suggests the labour market continues to operate near capacity; we’re not in shortage panic mode, but we are also not in oversupply territory. Employment growth has moderated; however, the steady unemployment rate indicates underlying demand for labour remains resilient.
The latest Jobs and Skills Australia Internet Vacancy Index shows recruitment activity picked up in January, with job ads rising by 3.6%. Importantly, job ads remain historically elevated – still sitting around 28% higher than the pre-COVID monthly average for 2019.
For employers, the message is a familiar one – while the hiring environment may seem less frantic than in recent years, competition for capable workers remains very real. If you’re reviewing hiring plans for the year ahead, we’d welcome a conversation about what these trends could mean for your workforce strategy. Connect with us today on 3812 2920 or email recruitment@topoffice.com.au.