Business Council for Sustainable Development Australia的动态

?? Australia’s Labour Market Remains Steady and Strong in September ?? Australia’s unemployment rate held at 4.1% in September, reflecting a stable job market with a notable employment increase of 64,000 and a slight drop in unemployment by 9,000. With the participation rate reaching a record high of 67.2%, this steady employment growth has set a new historical high for the employment-to-population ratio at 64.4%. Record Participation: The participation rate hit 67.2% as more people entered the workforce and secured jobs, with job vacancies above pre-pandemic levels. ?? Stable Underemployment: The underemployment rate dropped to 6.3%, contributing to an overall lower underutilisation rate of 10.4%. ?? Labour Market Tightness: Employment and participation are at historical highs, suggesting continued demand for workers. #AustraliaEconomy #LabourMarket #EmploymentGrowth #Unemployment #WorkforceParticipation #FinanceNews #EconomyUpdate #InterestRates #RBA #AustralianJobs #EconomicGrowth #JobMarket #Inflation #MaritzFinance Source: ABS. https://lnkd.in/ghzhfK-q

?? ONS Labour Market Stats for October 2024. Economic Activity numbers double the number of people who are unemployed ?? The employment rate came in at 75%, up slightly on the previous quarter ??Unemployment came in at 4.0%, versus 4.1% in the three months to July and market expectations of 4.1% (Trading Economics) ??Economic Inactivity fell quarter-on-quarter to 21.8% ?? 2.8 million People Economically Inactive – double the number of people who are unemployed Sector response with comments from: ? Work and Pensions Secretary Liz Kendall ?Neil Carberry from Recruitment & Employment Confederation ?Helen Gray from Learning and Work Institute ?Ben Harrison from Work Foundation ?Paul Nowak from TUC ?Matthew Percival from CBI (Confederation of British Industry) ?Michael Stull from ManpowerGroup ?Nicholas Hyett, CFA from Wealth Club https://lnkd.in/e2Wy9BNp #LabourMarket #Employability #EconomicInactivity #Employment #LMS #Unemployment #NEETs

There wasn't a lot to see in the March labour force survey results released by the ABS this morning. #Employment fell by 6,600 (with a 34,500 fall in part-time employment more than offsetting a 27,900 gain in full-time employment) - but that came after an outsized 117,600 increase in February. With the labour force growing by 14,000, the #unemployment rate rose 0.1 pc pt to 3.8% (having fallen 0.4 pc pts in February), but is still only 0.4 pc pts above the low in October 2022. Hours worked rose 0.9% in March, after a 2.9% increase in February, to be only 1.2% below the peak in April last year (in January, hours worked had been 4.9% below the April 2023 peak). The labour force under-utilization rate (which adds to the unemployed, the number of people working part-time who would have worked more hours had they been offered) remained unchanged at 10.3% (down from a peak of 10.8% in January, and compared with the most recent low of 9.4% in November 2022). All of this suggests that the Australian labour market remains fairly tight - not quite as tight as it was in the middle of last year, but tighter than the Reserve Bank of Australia regards as consistent with "sustainable full employment and inflation at target" (a judgement it now makes explicitly at every Board meeting). Other evidence in support of this judgement comes from the latest NAB Quarterly Business Survey, which shows that 32.7% of employers cited "shortages of suitable labour" as a major constraint on output in the March quarter. That's down from the peak of 54.7% in the September quarter of 2022, but well above the long-run average of 13.6%. Importantly, employers aren't responding to slowing demand by sacking workers in large numbers (as they have done in the past) - probably because of the recent memory of how difficult it was to recruit and retain staff as the economy emerged from the Covid-19 pandemic. Rather, they're adjusting hours worked (although not as much as it had seemed a few months ago) and reducing new hiring. One compelling piece of evidence for the latter is that, between the December quarter of 2022 (when the unemployment rate bottomed at 3.5%) and the March quarter of this year the unemployment rate among 15-19 year-olds (who are most likely to be new entrants to the labour market) rose by 4.1 pc points, compared with increases of just 0.3 pc points among 20-24 year olds and 0.1 pc among people aged 25 or more. Today's numbers will probably serve to re-inforce (if only at the margin) the RBA's judgement that it's too soon to be thinking (let alone talking) about cuts in #interestrates - especially given that income tax cuts worth (in terms of their impact on aggregate household cash flows) two 25 basis point reductions in interest rates are now less than three months away. And that's before taking on board the evidence from other countries over the past week (the US, Canada, the UK and NZ) that #inflation isn't falling as quickly as it did last year.

The unemployment rate has increased to its highest level since September 2021, despite a cooling labour market and high wage growth, data from the Office for National Statistics (ONS) has shown. June’s Labour market overview revealed that the unemployment rate increased to 4.4 per cent between February and April 2024 – up from the previous figure of 4.3 per cent. While the employment rate for people aged 16 to 64 years was estimated at 74.3 per cent in the February to April 2024 quarter, the ONS said this remained below estimates of a year ago, and had dropped in the latest quarter. The economic inactivity rate for people aged 16 to 64 years was 22.3 per cent in the February to April quarter, with the claimant count – the number of people claiming unemployment-related benefits –?for May 2024 increasing on the month and on the year, to 1.629 million. In March to May, the estimated number of vacancies in the UK decreased by 12,000 on the quarter to 904,000, with vacancies declining for the 23rd consecutive period but remaining above pre-pandemic levels, the ONS reported. The ONS said: “This month’s figures continue to show signs that the labour market may be cooling, with the number of vacancies still falling and unemployment rising, though earnings growth remains relatively strong.” Jon Boys, senior labour market economist at the CIPD, said: “Taken in the round the figures suggest that the labour market continues to cool but it’s a slow and gradual process. Unemployment and inactivity have edged up. However, unemployment remains at what is historically a very low level.? “Vacancies continue their long-term downward trend. This reflects that there is less churn in organisations than there was immediately after the pandemic and therefore a lesser need to hire to replace lost staff.” He added: “Big economic shocks like a pandemic require a quick response and innovative solutions but the slow and steady labour market we now find ourselves in gives employers and policymakers time to react. The big challenges of the next decade, such as pursuing net zero and providing public services, will require a focus on the workforce. “The economy will need not only a larger workforce but also one equipped with the right skills. This will require a joined-up response that looks at immigration, education and skills policy and health.” In addition, Neil Carberry, chief executive of the Recruitment & Employment Confederation, said: “Employers played it cool in the face of economic and political uncertainty this spring. Business surveys suggest this is starting to change, but overall vacancies remained ahead of pre-pandemic levels even during the early months of the year. “Businesses tell us they are confident about hiring – but they are watching inflation, interest rates and the general election for signals on when to go. There has certainly been a marked improvement in mood in the hiring market since Easter.” [People Management] #employment

Total employment in Australia continued to increase by a brisk pace of 58,200 MoM in July (June: 50,200). The unemployment rate rose to a seasonally adjusted 4.2% in July (June: 4.1%) but the figure is still well below pre-pandemic levels. The rise in jobless rate seems to a result of more jobseekers entering the labour force, as reflected by the increase in the labour participation rate which reached a record high of 67.1% in July. All in, the data suggests that conditions in Australia’s labour market remains healthy despite the restrictive monetary policy setting. At 4.2%, the jobless rate is a touch lower than RBA’s forecast of 4.3% by the end of 2024. Baring a surprise upside in inflation, the RBA is likely to hold its cash rate at current level in the immediate future. #australia #employment #unemploymentrate #rba #labourmarket #economics #monetarypolicy

Gooood Moooorning, TO! ?? The December 2024 Labour Force Survey brings insights into a dynamic close to the year. ?? Here’s what you need to know: ?? Employment Highlights: ??91,000 jobs added in December (+0.4%), primarily full-time (+56,000). ??Ontario added 23,000 jobs (+0.3%), contributing to a 12-month provincial growth of +2.6% (+205,000 jobs). ?? Unemployment Rate: ??Dropped 0.1% to 6.7%, but remains 0.9% higher YoY. ??In Ontario, unemployment held steady at 7.5%, up 1.2 percentage points over the past year. ??♂???♀? Demographic Insights: ??Core-aged men (25-54): Employment up 30,000 (+0.4%), pushing their employment rate to 86.7%. ??Adults 55+: Gains of 41,000 men (+1.7%) and 21,000 women (+1.1%). ??Youth (15-24): Employment rate steady at 53.8%, with a 2.5% drop YoY, continuing a downward trend since April 2023. ?? Industry Leaders: ??Educational services: +17,000 (+1.1%) ??Transportation and warehousing: +17,000 (+1.6%) ??Finance, insurance, real estate: +16,000 (+1.1%) ??Healthcare and social assistance: +16,000 (+0.5%) ?? Regional Trends: Employment rose in Alberta (+35,000), Ontario (+23,000), and British Columbia (+14,000). Declines were seen in Manitoba (-7,200). ?? Wage Growth & Hours: ??Average hourly wages grew 3.8% YoY ($35.77), with women outpacing men (+4.2% vs. +3.4%). ??Total hours worked increased 0.5% in December and 2.1% YoY. ?? Spotlight on Gig Work: ??675,000 Canadians (2.3% of the population) engaged in digital platform employment, with food delivery and personal transport leading. ??South Asian (5.2%), Black (4.3%), and Chinese Canadians (3.1%) were more likely to participate in gig work compared to non-racialized groups (1.6%). As Toronto’s labour market adapts to shifting dynamics, these insights are essential for navigating challenges and opportunities ??. More at the link! ?? https://lnkd.in/gki2Avr5 #TorontoJobs #LabourMarket #EmploymentTrends #OntarioWorkforce #GigEconomy #UnemploymentRates

The US labor market is strong: ?? More prime-age workers have jobs (we are at a 23-year high!) ?? Median household incomes rose 4% last year ?? The economy has regained the 22 million jobs lost in the pandemic recession AND added another 6.5 million Are some folks still having a hard time? Absolutely. Unfortunately, that’s a long-term phenomenon stemming from a too-stingy U.S. welfare state, rising inequality, and the legacy of anemic wage growth during past economic recoveries. The labor market continues to add jobs, though at a slower pace, but EPI's Elise Gould isn't worried: "Now that the Federal Reserve has started lowering interest rates, I'm hopeful that any signs of weakness will recede, and the labor market will continue with strength." https://lnkd.in/g5mCmzeD

Today's July labour market data paint a mixed picture and probably don't carry any clear signal for the Reserve Bank of Australia's thinking about monetary policy. The headline-grabber was the 0.1 pc pt increase in the #unemployment rate to 4.2%, the highest since November 2021, which brings the cumulative increase in the unemployment rate from its low in July 2022 to 0.7 pc pt. That is still less than the increases from their respective troughs of 0.8 pc pt in the UK (at its greatest extent, now 0.6 pc pt), 0.9 pc pt in the US, and 1.4 pc pt in both Canada and New Zealand. But the increase in the unemployment rate wasn't because people lost jobs. On the contrary, employment rose another 58,200 (or 0.4%), to be 3.2% higher than in July last year, with full-time employment rising 60,500, partly offse by a 2,300 fall in part-time employment. Total hours worked also rose 0.4%, to be just 0.8% below its peak in April last year (in December last year hours worked were 3.0% below that peak). The reason the unemployment rate rose in July was that the labour force increased by 82,100 - the biggest increase since October last year - reflecting a 0.2 pc pt rise in the participation rate to a new record high of 67.1%, as well as continued strong growth in the working-age population due to historically-high (though slowing) levels of immigration. As before, the increase in unemployment has been concentrated among young adults - the unemployment rate for people aged 15-24 rose another 0.2 pc pt in July to 9.8% (2.7 pc pts above the July 2022 low), whereas the unemployment rate among people aged 25 and over rose 0.1 pc pt to just 3.1%, barely 0.4 pc pt above its low. And that reflects the fact that the number of 15-24 year-olds has risen by 10.0% since July 2022, nearly double the 5.2% increase in the number of people aged 25+ over the same interval. Today's data are likely to leave the RBA still of the view that (as they put it in this month's Statement on Monetary Policy, "the labour market is [still] tighter than [consistent with sustainable] full employment". They don't justify the increased probability of rates being cut in November implied by the market reaction since the data were published.

Australian Labor Market Update: A Catalyst for Sustainable Business Growth ? As we witness a pivotal moment in our economy, the latest labour statistics present a promising outlook. The Australian Bureau of Statistics report that Australian unemployment rate remains steadfast at 4.1%, with a noticeable increase in employment by approximately 16,000 positions from September to October 2024. This stability is crucial for businesses strategising in an uncertain economic climate. ?? In addition, wage growth parallels employment at 4.1%, underlining a healthy economic environment and consumer spending potential. These figures not only demonstrate resilience but also mirror our commitment to Sustainable Development Goal 8: Decent Work and Economic Growth. How is your organisation leveraging these trends for long-term growth and sustainability? ?? Read the ABS statistics here: https://lnkd.in/gD-hBJDu Jim Chalmers Saul Eslake Nicki Hutley ?? #AustralianEmployment #SustainableDevelopment #BusinessGrowth #CorporateAccountability #Leadership

G-P comments on the Australian Bureau of Statistics October report: "On the data, Charles H. Ferguson 方臣汉, general manager of APMEA at G-P, shared that despite the seemingly robust job market, employers are facing mounting challenges across the board... Australia’s labour force participation rate has been steadily climbing since 2022, and the latest data from the Australian Bureau of Statistics (ABS) shows it has hit an all-time high of 67.2 per cent. Coupled with a low unemployment rate at 4.1 per cent, this points to a robust job market – a positive sign for local employees,” Ferguson said. https://lnkd.in/gH-yXgXE