Despite monthly decline filled jobs remain above the pre-pandemic average of 1.7%
Australia's labour market growth continued to slow in early 2024, with the growth rate of filled jobs significantly lower than a year ago, according to the Australian Bureau of Statistics (ABS).
ABS data revealed that filled jobs went up 0.8% in the March 2024 quarter to 15.7 million and increased annually by 2.4% or by 367,000 jobs.
However, the annual growth was only around half of the 4.9% Australia saw a year ago, when the labour market was "particularly tight," according to Bjorn Jarvis, ABS head of labour statistics.
"While the 2.4% annual increase in filled jobs was around half of the 4.9% we saw a year ago, it was still above the 10-year pre-pandemic average of 1.7%," Jarvis said in a statement.
By sector, the healthcare and social assistance sector led Australia with the largest growth in the number of jobs with 87,300.
This is followed by the sectors of public administration and safety (+23,200), as well as education and training (+17,900).
"This suggests recent jobs and hours growth has been underpinned by activity around public services, rather than it being broad-based strength across the entire economy and labour market," Jarvis said.
Overall, six out of 19 industries recorded falls in filled jobs, led by the 25,700-decline (-2%) in the professional, scientific, and technical services sector.
Meanwhile, hours worked also recorded an annual growth of 1.1%, the slowest since the March quarter of 2021 when the pandemic was still widespread.
"The slower growth in hours worked in the March quarter reflected a larger than usual number of people taking leave or waiting to start work over January, as well as continued weakness in industries that rely on discretionary consumer spending," Jarvis said.
Multiple job-holding rate stayed at 6.7%, despite slight going up 12,000 (1.2%) in the March quarter.
Job vacancies also dropped -4.3 quarterly, and -17.4% annually, according to the report.
"Despite a 25% drop from the peak in job vacancies seen in September 2022, there were still over 60% more vacant jobs than we saw before the pandemic. There is still plenty of demand for workers, which is contributing to growth in employment," Jarvis said.
