National job ads experience a downturn in a notable development, the national job ads for July 2023 registered a 19.5% decline when compared to the same period in the previous year, per the SEEK Employment Report for July 2023.
This decline paints a contrasting picture to the previous year’s figures and raises questions about the underlying factors contributing to this decrease.
Applications per job ad show a modest increase despite the decrease in national job ads, the report does present a glimmer of positivity. The number of applications per job ad saw a modest increase of 0.8%. This uptick suggests that job seekers continue to show enthusiasm and engagement in their pursuit of new opportunities.
SEEK provides a state-by-state breakdown of job ad changes from June 2023 to July 2023. While New South Wales (NSW) experienced a robust 3.6% increase in job ads, Western Australia (WA) and the Australian Capital Territory (ACT) faced slight setbacks, with decreases of -2.2% and -1.2% respectively. This divergence in regional trends underscores the dynamic nature of the job market across different states.
The report delves into the top 10 industries by job ad volume, revealing intriguing fluctuations. Hospitality & Tourism stood out with a notable 12.4% surge in job ads, highlighting potential growth in this sector. Conversely, Manufacturing, Transport & Logistics encountered a substantial decline of -24.2%, reflecting the challenges faced by certain industries.
In a recent statement, Kendra Banks, the Managing Director for ANZ at SEEK, highlighted significant developments in the job market, shedding light on noteworthy trends and dynamics.
Banks revealed that job ad levels experienced a notable rise, marking the first upturn since January. This surge was primarily attributed to a burgeoning demand in two prominent Australian states, New South Wales and Queensland. These regions emerged as drivers of growth, contributing to the overall increase in job advertisements.
Furthermore, Banks emphasized that job ads on seek.com.au have surged by an impressive 20.0% when compared to July 2019. This statistic underlines the persistent tightness in the market, signifying a landscape where opportunities remain competitive and sought-after. However, Banks also noted a parallel trend in the form of a rise in applications per job ad. In the month of June, this metric saw a significant increase of 4.4%, indicating a mounting competition among candidates vying for available positions.
Intriguingly, the Hospitality & Tourism industry emerged as a noteworthy player in this evolving narrative. Banks revealed that this sector experienced a remarkable month-on-month growth of 12.4% in job ads. Roles such as Wait Staff, Chefs & Cooks, and Bar Staff saw a notable surge in available opportunities for potential candidates. Notably, this surge represents the most rapid growth in demand for Hospitality & Tourism workers since job ads reached their peak in the middle of the previous year.
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