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Highlights
- Job vacancies rose for the first time since May 2022.
- Customer-facing industries, like arts, recreation, and food services, saw the highest growth.
- The South Australian job market outshone others with a notable 17.7% increase.
The Australian job market is showing signs of recovery after experiencing a slump in job vacancies since May 2022. For the first time in over a year, job vacancies in Australia saw a rise in the November quarter, with numbers climbing to 344,000 positions, marking an increase of 4.2% from the August quarter. This surge indicates a positive shift in the national employment landscape.
According to the Australian Bureau of Statistics (ABS), although the job vacancies grew by 14,000 from August, they still remained lower than last year, down by 10.3% from November 2023. Despite this annual decline, the sector continues to demonstrate resilience, with a noticeable growth in certain industries such as arts, recreation, and food services, which saw notable rises of 28.5% and 20.1%, respectively.
The data further revealed that 14 out of 18 industries witnessed a rise in vacancies. However, certain sectors showed a dip in job openings, particularly in construction (-11.5%) and education and training (-9.5%). These declines suggest that some industries are facing challenges in maintaining consistent job demand.
On an annual basis, manufacturing endured the largest drop, down by a staggering 36.9%. Conversely, industries such as rental, hiring, and real estate services performed the best, reflecting a 27.1% rise in vacancies over the year. In both the private (4.7%) and public (0.4%) sectors, job vacancies saw increases, with South Australia (17.7%) and Queensland (13.8%) experiencing the largest percentage rises. However, regions like Victoria (-2.2%) and Western Australia (-0.1%) noted slight declines.
While vacancies have fallen in some industries, most sectors remain more robust than they were before the onset of the COVID-19 pandemic. Notably, industries such as arts and recreation services, accommodation and food services, healthcare, and social assistance have more than double the vacancy rates they experienced pre-pandemic, indicating ongoing demand. Companies like (ASX:XRO), known for their impact on the digital space, could continue to see job demand grow in line with these trends in arts, recreation, and hospitality sectors.
Though not all industries are thriving at the same rate, these recent figures from ABS indicate that the overall job market is moving toward a steady recovery, with opportunities growing in key sectors, and regional differences offering more opportunities for job seekers in areas like South Australia and Queensland. As employers continue to navigate evolving conditions, keeping an eye on hiring trends and demand growth can offer strategic advantages in shaping the workforce of the future.
