Home' Employment Forecast : MyCareer Employment Forecast 2010 October Edition Contents Total Jobs
Change in Jobs
Change in Jobs Quarterly
There is still some uncertainty surrounding the world economic situation, especially in regard to the US, although it is looking
increasingly likely the American economy will actually recover modestly rather than head for a double-dip recession.
The Australian economy, however, is growing strongly (+3.2% June 2010 from June 2009), just a notch below the long term
average. This makes Australia one of the most rapidly growing developed economies in the world. A major contributor has been
the strong demand for our resources from India and China.
The Australian job market has continued to recover strongly from the GFC-induced trough in 2009, with total jobs growing
1.8% in the year to August 2010, adding a very healthy 197,000 jobs over this time. In response to the pick-up in demand overall,
wages are growing again, up 6.2% in May 2010 compared with the same quarter last year. Total hours worked in the economy
are also now at record levels, even higher than the pre-GFC levels.
There are more signs of the strength of the labour market; the unemployment rate is falling in Australia and is now down to
5.1% (seasonally adjusted August 2010). This is not far off what is considered full employment (4-4.5%). This in turn means
Australia has a small pool of unemployed to fll expected vacancies in the future, resulting in more labour shortages. Already
there are reports of skills shortages in some sectors of the economy and this is pushing up salaries, although not to the level yet
of prior to the GFC. There is a downside to this relatively strong position, with the Reserve Bank of Australia warning again of
infation risks and indicating that the next move in interest rates is likely to be upwards.
With employment intentions remaining positive (a fgure of +7.7 in June 2010, compared with -26 in March 2009), the jobs
outlook is one of gathering strength with the annual rate of jobs growth reaching 2.9% by August 2011. Therefore, skills
shortages will be more of a feature of the job landscape.
MyCareer Employment Forecast
The job market is in good shape and more growth is forecast
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