Australia’s job outlook reached one of the strongest levels for six years in the first quarter of 2018 with high demand in finance, retail and real estate. As per the latest employment outlook survey it has been seen that the job market is buoyant despite some declines in hiring expectations in the mining, construction and manufacturing sectors.
The increase in employment has been seen in the finance, insurance and real estate sector by 4 percent whereas the expectations in the wholesale and retail trade sector have increased by 7 percent compared to the previous year.
However, the mining sector as well as the manufacturing sector has seen a decrease in the employment of 4 percent. Similarly, there is a decline of 3 percent in the service sector as per the reports. Despite the easing in the employment outlook across these key sectors, all remain in positive territory.
In Western Australia, where mining and construction are integral part of the state’s economy, the employment outlook increased by 2 percent as the state begins to develop from a housing downturn over the last 18 months.
The Managing Director of Manpower Group Australia and New Zealand, Richard Fischer believes that there is clear evidence of a strong labor market in the country.
He further added that, ‘The employment outlook in Australia remains at one of the strongest levels in six years. However, there are certain changes which can be seen across sectors and regions.’
‘The level at which wholesale and retail trade sector has improved is overwhelming and suggests that businesses are confident consumer demand will hold up in 2018 as wages pressure builds in the economy.’ Fischer added.
Medium and large size organizations have recorded both year on year gains of 5 percent and 1 percent respectively. However, the uncertain hiring plans are reported by small and micro-size businesses with employment outlooks of -1% and -5%.
Fisher further pointed out the overall positive changes for the increase in wages in the coming quarters. The strength of the employment outlook across the country continues to stream well for gains in household income over the coming year. The changes might take some time to flow through the economy but the positive signs are clearly visible.
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