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Wednesday, May 27, 2009

Australia's Frozen Job Market

While Australia's economy has done relatively well during the crisis due to their commodity exports to China, their job market is apparently as dreadful as ours. The Age details an index that I had not been previously aware of:

Skilled vacancies dropped 7 per cent in May, according to the latest Government data, easing the pace in declines for the nation's jobs outlook.

The slump follows a 8.9 per cent fall in the April reading of the index, compiled by the Department of Education, Employment and Workplace Relations. It marks the 18th consecutive month of falls, as the nation struggles with weak demand for workers triggered by the recession after an earlier shortage of skilled workers put a lid on hiring at the height of the economic boom.

The DEWR vacancies index, compiled from job ads in major metropolitan newspapers across the country, is a leading indicator of the labour market.

"The monthly fall in skilled vacancies was widespread, with decreases evident across most occupations," DEWR said, with medical and science technical officers down by 20 per cent.
Taking a look at this job index by sector and sub-sector (in year over year terms) we see that no area has truly been safe (with the interesting exception being marketing and advertising).

Source: Workplace.Gov.AU