Filled Jobs Rise by 0.8% in March Quarter 2024, but Labour Market Growth Slows

Australia, Police

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According to the latest figures released by the Australian Bureau of Statistics (ABS), filled jobs in Australia increased by 0.

March quarter of 2024, reaching a total of 15.

This growth of 124,000 jobs was in line with the average quarterly growth observed throughout 2023.

However, the annual growth rate of filled jobs was only 2.

The report also highlighted a slight increase in hours worked (+0.

This slower growth in hours worked was attributed to a larger number of people taking leave or waiting to start work in January, as well as continued weakness in industries relying on discretionary consumer spending.

While the number of multiple job-holders rose by 1.

March quarter, it was in line with the rise in the number of people with one job.

As a result, the multiple job-holding rate remained at 6.

Job vacancies, on the other hand, fell by 4.

March quarter of 2024.

However, there were still over 60% more vacant jobs compared to pre-pandemic levels.

The ABS head of labour statistics, Bjorn Jarvis, noted that there is still significant demand for workers, contributing to employment growth.

The report also highlighted the growth in filled jobs in various industries.

Health care and social assistance, public administration and safety, and education and training saw the largest increases in the number of jobs.

However, the professional, scientific, and technical services industry experienced a decline of 25,700 jobs.

While the labour market growth has slowed compared to the previous year, indicators still show growth rates above the long-term average.

The report emphasized that recent job and hours growth were mainly driven by activity in the public services sector, rather than being broad-based across the entire economy.

Overall, while the labour market continues to show strength, there are signs of softening labour demand.

Job vacancies fell in the majority of industries, but they remained above pre-pandemic levels in most sectors.

The ABS report suggests that the Australian labour market is still in a state of recovery and adjusting to changing economic conditions.

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