Of all the parts of the Australian economy right now, none is as strong as the labour market.
It’s purring, adding the most jobs over a calendar year on record in 2017.
But that was then and this is now. Of more importance is will the hiring spree continue?
The good news is that it looks like it will with job advertisements continuing to surge in January.
According to jobs website Seek, there were 14.7% more advertisements on its platform in January compared to a year earlier, reflecting not only improved labour market conditions but also strong hiring levels in the months ahead.
And here’s some even better news.
Not only are advertisements increasing, the improvement is broad-based.
Seek said job ads grew in each of Australia’s states and territories over the year, ranging from 10.6% in the ACT to 27% in the Northern Territory after seasonal adjustments.
Mirroring the broad geographic improvement, advertisements also increased in all categories aside from advertising, arts and media over the year.
“The strongest sectors overall are mining, resources and energy, trades and services, engineering and science and technology,” said Kendra Banks, Managing Director Seek Australia and New Zealand.
“We’re seeing a strong national demand for STEM skills — science, technology, engineering and mathematics — which reflects a global talent shortage.
“This has been identified by Australian CEOs as one of their top business risk areas, but it also creates huge competitive job opportunities for Australians with engineering and IT skills.”
Banks said government demand for workers is also strong, especially at the local level.
“Across Australia new job ads in local government are up 31% with more than 1,200 opportunities available,” she said.