After a steady decline in the number of job ads over the year, it looks like the trend is finally stabilising, according to ANZ’s monthly job advertisement series. However, it’s no cause for celebration, with job advertisements overall remaining at an all-time low – only 6 per cent above the lowest level reached during the GFC.
For those of you job hunting or planning to change careers this may be a spanner in the works, especially as the International Monetary Fund (IMF) has forecast Australia’s unemployment rate to rise from 5.7 per cent last month to 6.0 per cent in 2014.
The trend also seems to indicate a move away from full-time work to part-time work, with the Australian Bureau of Statistics showing a decline in the number of people in full-time employment (down 27,900) in October, which was offset by an increase in the number of people in part-time work (up 28,900).
To add some positives into the mix, ANZ also reported that job ad activity in non-mining states such as NSW indicates a positive shift away from dependence on the mining sector. There was also a strong increase in overall business confidence, which is key to employment growth, during October.
So if you’re contemplating the next move in your career, it’s probably wise to consider some contingency plans to keep up your sleeve until the job market strengthens and consumer confidence returns.
This could be the best time to upskill and pursue further education, while taking on some part-time work until you find the job that’s right for you. Or, if you have enough in the way of savings, consider a career sabbatical. Whatever your next step is, make sure you make it count!