Australia’s labour market continues to impress, adding close to 20,000 workers in September, maintaining the hot streak seen since March.
Nothing demonstrates just how strong employment growth has been over the past year, particularly for full-time workers, than the charts below.
The first shows the split between full and part-time hiring on a rolling 12 month basis.
In the year to September, 316,000 Australians found full-time work, the strongest increase on record going back to when the ABS’ labour force survey began in 1978.
Of course, Australia’s population has increased over the years, helping to flatter growth figures today compared to periods in the past.
However, on an annual percentage basis, the enormous growth in full-time employment is still impressive, increasing by 3.9%, the fastest level in close to a decade.
No matter which way you put it, Australia has been on a hiring spree that’s rarely been seen before.
While there have been well documented concerns about the reliability of the ABS’ seasonally adjusted figures in the past, such consistency in the data suggests that this is a real improvement in the labour market, rather than a statistical anomaly.
“The main takeaway is that the improvement in the labour market has been sustained now for the best part of a year, so this is no flash-in-the-pan,” said Stephen Walters, Chief Economist at the Australian Institute of Company Directors, following the release of the report.
“Indeed, the sustained lift in employment is matched by improving business investment intentions and higher business confidence, so the trends all seem consistent.”
And with job ads and vacancies also continuing to lift, there’s few signs yet that this trend will reverse for some time yet.