Matthew Crossley’s Post

What do the latest unemployment rates show about the changing job landscape in Canada? Find out here: https://lnkd.in/ekVg7efh #HR #HumanResources

Australia's unemployment rate dipped to 4% in May, reflecting a strengthening job market. The latest Australian Bureau of Statistics report highlights a surge in employment opportunities and economic growth. Discover what this means for job seekers and the broader economy as Australia continues to recover and thrive. https://hubs.la/Q02BQFnz0 #HRNews #UnemploymentRate #JobMarket #EconomicGrowth

Concerning Trends 📊📉🔻 Recent ONS data highlights critical labour market issues: 🔹UK unemployment rate at 4.4%, the highest since September 2021. 🔹22.3% of working-age individuals are inactive in seeking employment. 🔹Over one million 16- 24-year-olds not in employment or full-time education, These figures reinforce the urgent need for additional funding and innovative employment strategies to reduce unemployment and economic inactivity. #UKEconomy #LabourMarket #Unemployment #JobMarket Full Article: https://lnkd.in/eEr2vZeJ

Victorians brace for mass unemployment https://lnkd.in/gP2v9UAM I reported on Tuesday how SEEK’s latest jobs report points to a significant increase in Australia’s unemployment rate. The number of job ads reported by SEEK fell by 17.1% over the year to June and is now tracking at pre-pandemic levels, whereas the number of applicants per job ad has risen way above pre-COVID levels: SEEK’s data followed Yarra Capital Chief Economist Tim Toohey’ warning on Monday that strong net overseas migration is displacing local workers, which could send the unemployment rate soaring. “Net migration is currently supplying 1.4 people for every new job created”, he said. “Unless policymakers achieve a better balance between total employment and non-migrant employment growth, hard won gains in the labour market could quickly reverse”. As you can see, NSW and Victoria have experienced the sharpest decline in job ads among the major states, with ads tracking below the pre-pandemic level. The above is especially problematic for Victoria, which already has the highest unemployment rate in the nation at 4.4% as of May: The next chart plots SEEK’s employment data for Victoria, which has both job ads and applications tracking at worse levels than the nation as a whole: Both series are pointing to even sharper rises in unemployment in Victoria: The SEEK data comes at the same time as the latest NAB Business Survey, released on Tuesday, showed that Victoria has the weakest business conditions in the nation:

Economic Update: Unemployment rate rises The recent rise in unemployment, despite strong wage growth, has sparked concerns about the health of the job market. Official figures reveal an unexpected surge in the unemployment rate, now at its highest level in two and a half years, reaching 4.4% for the three months up to April. This marks the highest point since September 2021. Interestingly, this increase comes despite robust wage growth, with earnings continuing to outpace inflation. So, why is this happening now, and not even during the height of the COVID-19 pandemic? 🔍 Possible Factors: 1. Economic Adjustments: Post-pandemic, businesses are adjusting to new market dynamics, leading to restructuring and job cuts. 2. Technological Advancements: The rapid adoption of AI and automation is reshaping industries, impacting traditional job roles. 3. Global Uncertainties: Ongoing global economic uncertainties and geopolitical tensions may affect business confidence and hiring decisions. 4. Labour Market Shifts: Changes in worker preferences, remote work trends, and skill mismatches could contribute to the current employment landscape. I would love to hear your thoughts on why you think this is happening.  Link to article: https://lnkd.in/eKt3dDH5 #EconomicUpdate #Unemployment #BusinessTrends #WorkforceDevelopment #Resilience #FutureOfWork #jobmarket #economy #humanrecsources #recruitmentuk

The labour market continued to soften in May, adding 27,000 jobs as the unemployment rate inched up to 6.2%, a whole percentage point from a year prior. The economy added 62,000 part-time jobs while shedding 36,000 full-time jobs, an obvious sign of underemployment. Core-aged employment decreased. The jobs added are primarily in the service industry, including retail and accommodation and food services. April job report turned out to be an anomaly. The May job report returned to trend and confirmed that labour demand has weakened. The unemployment rate is expected to slowly rise in the upcoming months. While a 25 basis point rate cut is a welcome sign that marks the start of the rate cut cycle, more cuts are needed for businesses to start hiring. That said, the limits on temporary residents will keep population growth moderated and prevent the unemployment rate from rising too high in the fall. There will be a smaller increase in the number of working-aged people via immigration compared to the previous two years. Thus, even though population growth will still rise faster than job growth, the unemployment rate is likely to peak at 6.4% this year.

Labour market remains unchanged in October with slow job growth (+15 000) and a steady unemployment rate at 6.5%. It is more of the same with the labour market unable to create sufficient jobs for population growth. And just like September, fewer people are looking for work or working, i.e. participating in the labour market. In fact, participation rate is at 64.8%, its lowest level since 1997 and is decreasing across age groups (15-24, 24-54, 55 and over). Our plan to replace the retiring population with newcomers continues to backfire. We see slight improvements for 15-24, but 70% of the decreased unemployment rate is less people participating in the labor market. Still, the remainder is driven by job growth. Wage pressures remain high like previous months at 4.9%. The labour market could be bottoming out this fall with interest rates going down. I would be remiss not to mention the Trump risk factor that could come into play in 2025.

G-P comments on the Australian Bureau of Statistics October report: "On the data, Charles H. Ferguson 方臣汉, general manager of APMEA at G-P, shared that despite the seemingly robust job market, employers are facing mounting challenges across the board... Australia’s labour force participation rate has been steadily climbing since 2022, and the latest data from the Australian Bureau of Statistics (ABS) shows it has hit an all-time high of 67.2 per cent. Coupled with a low unemployment rate at 4.1 per cent, this points to a robust job market – a positive sign for local employees,” Ferguson said. https://lnkd.in/gH-yXgXE

About the current situation on the Job Market UK unemployment rising at fastest pace of OECD countries, analysis shows (msn.com) However, employers have indicated that despite the recovery, they are seeking to reduce their headcount. Separate research by the Chartered Institute of Management (CMI) found that in the first three months of this year, more UK employers were drawing up plans to make roles redundant and impose hiring freezes than in the same period last year. The CMI survey of just under 1,000 British managers found that 35% of organisations planned to either freeze (21%) or reduce (14%) recruitment in the following six months. In the same period last year the combined total was 24%, while in the summer of 2022 it was just 15%, indicating a rising trend in the number of employers wanting to restrict or cut numbers of staff. When asked for the reasons behind the decision to freeze or reduce recruitment, three in five managers (60%) blamed worsening revenues or rising costs, while 55% cited organisational restructuring to reduce costs, and 34% said it was due to increased economic uncertainty. In its latest labour market release last month, the ONS reported a declining number of job vacancies across the country, falling by 26,000 to 898,000 in the three months to April. https://lnkd.in/gYbvY7k6

How accurate were economists in predicting the recent unemployment rate across Australia? On a recent Australian Market Update, Mary Savova took a look at the recent unemployment rate, and what it means for the talent and hiring landscape across Australia for both employers and job seekers.