Seek Says Decline is Slowing

The SEEK Employment Index (SEI) for the month of May indicates the rate of decline in the Australian labour market is slowing.

The SEI measures the ratio of new job ads to job applications on seek.com.au. For May, it fell by a seasonally adjusted 9.8 percent, driven by an increase in the number of job applicants rather than a decline in the number of jobs advertised.

SEEK says that the new job ads for the month were relatively stable, falling only -1.9 percent, the smallest decline in the past 12 months. The slower rate of decline was evident across most states, with Victoria and South Australia showing an increase in the number of new job ads.

SEEK Employment Managing Director Joe Powell said while the data was encouraging, it was still too early to say whether the trend was an indicator of an improving situation:

“However, these results do parallel some signs of growing consumer confidence, including better than expected employment figures in Australia and the nation’s recent avoidance of recession for the March quarter.”

“A SEEK online survey last month showed that 53 percent of the 2078 respondents were considering changing occupation or company in the next 12 months. We believe this indicates growing confidence in the job market as people are more willing to risk a career move.”

New job applications rose at a seasonally adjusted 7.8 percent for May. This contrasts sharply with April’s fall by 6.1 percent, which may be attributed to the Easter holiday period which traditionally sees a decline in job applicants.

SEEK’s data shows jobseekers continued to look at further training and education to improve their offering to employers.

You can read the full report online.

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