Earlier today the ABS released its quarterly detailed labour force statistics for the three months to May, and things are looking up.
Given the volatile nature of the seasonally adjusted monthly figures it provides a more accurate picture on trends that are developing within Australia’s labour market.
ANZ economists Daniel Gradwell and Jo Masters, in an note chock-full of colourful charts, dissected the report and found there were divergent trends evident across the various sectors.
Here are just a few of the excellent charts contained in the report.
Net quarterly employment change by sector
Healthcare recorded the largest quarterly change in employment while retail, surprisingly given recent strength in retail sales, saw the largest level of job shedding.
Total employment by sector
Mirroring the large quarterly increase, healthcare extended its lead as the largest employer of all sectors.
Percentage of total employment
Employment in services firms hit a fresh record high as a percentage of total employed. The proportion of workers in the construction, manufacturing and agricultural sectors all declined. The mining sector registered a marginal increase.
From a year earlier total employment increased by 284,000, or 2.2%, equating to an average increase of 23,667 per month. If that pace can continue it’s likely that unemployment, albeit slowly, could continue to creep lower.