SEEK Employment Trends Australia: positive start to 2014
The latest figures from SEEK show that the labour market is seeing a continuation of more positive trends than those observed in late 2013.
The SEEK New Job Ads Index (seasonally adjusted) rose by 6.4% for the month on a national basis, which is 9% higher than three months earlier. This is the highest rate of quarterly growth since 2010.
SEEK Managing Director, Joe Powell, says, “it’s encouraging to see this improvement both in January and over the past three months, which is hopefully a positive sign for the 2014 year. However, we should be a little cautious in interpreting data over the holiday season given the fluctuations we see at this time of year.
“At this time of year, it’s also useful to look at the trend to understand the underlying direction of the Index, given seasonal factors. It’s positive to see that on a trend basis, the Index increased 3% month-on-month.
“The SEEK New Job Ad Index is a leading indicator and our data suggests that at the present time a strong-performing consumer, housing and services sector is outweighing the problems facing manufacturing and the larger construction sector. How long the recovery will be sustained for will depend on the changing balance of forces impacting the Australian economy,” says Powell.
The growth in new job ads in January was spread across all states and territories, with the strongest growth in Western Australia (12.5%), followed by South Australia (8.6%), Victoria (7.9%), New South Wales (4.9%) and Queensland (3.6%). However, the annual change in new job ads over the past 12 months shows the strongest-performing states to be Victoria (5.7%) and New South Wales (5.5%), while the resource states were weaker.
The SEEK Employment Index, which illustrates the ratio of new job ads placed with SEEK to the number of applications for those jobs, rose by 2.2% for the month, this is on top of a 2.7% increase in December 2013.
“The improvement in new job ads and the SEEK Employment Index may foreshadow a potentially stronger labour market in 2014. We’ll be carefully watching the data beyond the holiday season though, as this will provide a clearer view of the likely labour market climate for 2014 as a whole," says Powell.
SEEK new job ads
SEEK's New Job Ads Index recorded strong growth in all major states throughout January 2014. State-by-state breakdown is:
- New South Wales, 4.9%.
- Victoria, 7.9%.
- South Australia, 8.6%.
- Queensland, 3.6%
- Western Australia, 12.5%.
SEEK Employment Index (SEI)
The SEEK Employment Index rose 2.2% in January 2014. State-by-state breakdown is:
- New South Wales, 1.2%.
- Victoria, 5.4%
- Queensland, -0.1%.
- Western Australia, 3.6%.
- South Australia, 2.7%.