The future of the Australian job market is not as bleak as the people are being led to believe. Based on the Employment Forecast of MyCareer which was released November of last year, 137,000 jobs are still expected to be added for job hunters till August 2013, despite the economy slowing down.
This is a very optimistic forecast, considering that only 58,000 jobs were added from 2011 to August 2012.
The Bi-annual report has predicted that there will be modest job growth in almost every State and industry for 2013. SA will remain flat but WA will most likely have a notable 2.5 percent increase in jobs growth. The only three sectors which are expected to report decline are Government (3.4%), Construction & Property (2.1%) and Manufacturing (0.6%).
According to Michael Emerson of the Economic and Market Development Advisors (EMDA), recent reports about China’s sluggish economy and the Mining industry, as well as the rise of national unemployment figures, have created a lot of business uncertainty. However, the overall outlook remains positive as the economy stabilizes.
“Losses of jobs in the next year will primarily be as a result of public sector job cuts and the strength of the Aussie dollar, which will send more of our manufacturing jobs overseas,” Emerson said.
Australia is also likely to see increases in the Engineering, IT and Health & Community Services job sectors with 3.6%, 3.5% and 3.2% percent growth respectively, until May 2013.
Other key insights from the Employment Forecast include:
– Unemployment will remain unstable even during times of uncertainty.
– Employees in Western Australia are now working longer hours than any state and reporting wage increases by 5%.
– Data suggests that many businesses, with the exception of those in WA and mining industry, are reducing the number of hours, but not cutting jobs
– Manufacturing jobs fell 1.9% in 2012 and are forecast to continue falling this year
The MyCareer Employment Forecast is produced independently by Michael Emerson and EMDA. It analyzes national, state, industry, and demographic employment trends and figures over a one year period. The report is designed to assist businesses, HR professionals, and individuals to make informed employment choices.
“This latest forecast provides key insights for businesses in planning for the next 12 months. While the outlook varies from industry to industry and state to state there is overall positive news that the numbers of jobs being created in the next 12 months will be more than the past year. In that business environment recruiting the best people will remain a key priority for all companies,” said Paul Kitchin, General Manager of MyCareer.