National unemployment rate decreases heavily
Market conditions suggest that it is a good time for businesses to begin recruitment drives following recently released data from the Australian Bureau of Statistics (ABS).
In August, an estimated 121,000 jobs were added to the economy, prompting the unemployment rate to fall to just 6.1 per cent nationwide. This is the highest month-on-month job increase since the ABS began recording data more than 30 years ago.
It is interesting to note that only a small number of the jobs (14,300) were full-time, while the rest (106,700) were part-time or temporary positions. This type of employment is becoming more popular in Australia as workers are hired to conduct specific tasks based on their skill set.
There are now 11.7 million Australians in employment with the participation rate increasing from 64.9 per cent in July to 65.2 per cent in August. This rate shows the proportion of the population who are employed, are actively looking for jobs or are 'ready' to begin working.
In addition, the aggregate monthly hours worked increased 0.1 million hours to 1.61 billion hours suggesting that with more people in the workforce, productivity levels could also rise.
CommSec Economist Savanth Sebastian told The Australian that the job market is strengthening and expects this trend to continue for a few months at least.
"The Reserve Bank has said that the leading indicators are suggesting a turnaround in the jobs market – advertisements are lifting and hours worked are lifting," he said.
"Overall this is a good result for the Australian economy, it will help support confidence and that's the key ingredient at the moment."
To be ready to meet the increase demand on vacancies, businesses are recommended to invest in capable recruitment software. The software can streamline your process and help to manage and track job applications to ensure the best candidates are secured.