The job market in May 2023 displayed a mixed performance, as revealed by the latest data from the SEEK Employment Dashboard.
Fluctuations and challenges were observed across various states, industries, and timeframes. National job advertisements experienced a slight decline of 0.6 per cent when comparing May 2023 to April 2023. However, the year-on-year comparison indicated a significant 22.0 per cent decrease in national job ads, reflecting a challenging environment.
An interesting trend emerged in the number of applications per job advertisement, which showed a 4.8 per cent increase month-on-month. This uptick signifies heightened competition among job seekers vying for available positions.
In terms of state-wise job ad changes, Western Australia witnessed a marginal decline of 0.7 per cent, while the Northern Territory saw a positive growth of 4.8 per cent.
Queensland experienced a decrease of 1.3 per cent, and New South Wales recorded a decline of 1.6 per cent. Other states also displayed varying changes, including Victoria (-1.9 per cent), Australian Capital Territory (0.0 per cent), South Australia (1.2 per cent), and Tasmania (-2.2 per cent).
Comparing job ad changes between May 2023 and May 2022, several states experienced notable year-on-year decreases. New South Wales observed a significant decline of 25.3 per cent, followed by Queensland (-17.0 per cent), Victoria (-27.3 per cent), South Australia (-13.5 per cent), Western Australia (-13.7 per cent), and Tasmania (-7.2 per cent). The Australian Capital Territory and Northern Territory also experienced declines of -23.9 per cent and -12.1 per cent, respectively.
Analyzing the top 10 industries by job ad volume, a mix of changes was observed. Trades & Services saw a decline of 1.7 per cent in job ads, while Healthcare & Medical exhibited a minor increase of 0.6 per cent.
Manufacturing, Transport & Logistics experienced a decrease of 2.3 per cent, and Hospitality & Tourism saw a decline of 0.9 per cent. Information & Communication Technology recorded a decrease of 1.6 per cent, while Administration & Office Support witnessed a decline of 1.1 per cent.
Education & Training showed a decrease of 2.2 per cent, and Community Services & Development saw a decline of 2.1 per cent. On the other hand, Accounting displayed a slight increase of 0.8 per cent, while Retail & Consumer Products experienced a significant decline of 3.1 per cent in job ads.
Kendra Banks, Managing Director, SEEK ANZ, said: “One year on from the peak of the Great Job Boom and the decline in job ads appears to be moderating, with a 0.6 per cent decline month-on-month.
“Levels are 22 per cent down compared to the same time last year when job ads were at their highest post-COVID. However, levels remain 21.7 per cent higher than in May 2019, indicating that we are still in a high-demand jobs market.
“Applications per job ad continue to rise and are now all but on par with pre-COVID levels.
“Many of the larger industries recorded a decline in job ads in May, but ads in the Healthcare & Medical industry have been on an increasing trend since the end of last year, further highlighting the shortage of talent in that sector, particularly for Psychologists, Counsellors & Social Workers.”
These insights from the SEEK Employment Dashboard provide a snapshot of the current job market, highlighting the varying trends and challenges faced across states and industries.
(Note: The data presented is sourced from the SEEK Employment Index and is seasonally adjusted unless stated otherwise. SEEK emphasizes the standalone nature of the data and advises against aggregating it with other information. SEEK bears no responsibility for reliance placed on the data or its use.)