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OIl and gas

Market Insights Jan 2020 Australian employment market data, as well as Industry insights.
NATIONAL ESTIMATES

Key trends and indicators for the month of January:
• Unemployment is down 0.1 to 5.1%
• Employment increased by 17,500 to 12,976,300 people
• Full-time employment increased by 8,900 to 8,851,000 people and part-time employment increased by 8,600 to 4,125,300 people.
• Unemployment decreased by 4,400 to 703,600 people.
• Monthly hours worked in all jobs increased by 2.9 million hours to 1,788.2 million hours.

https://www.abs.gov.au/Employment-and-Unemployment

The unexpected fall in unemployment over November and December is likely to ease pressure on the Reserve Bank to cut rates at its next
meeting, however the current rate I still much higher than the 4.5 per cent level the RBA argues will lead to stronger wage growth. IFM
Economist Alex Joiner described it as a very solid outcome. See full article:

https://www.abc.net.au/news/2020-01-23/unemployment-and-jobs-december-2019/11891964

Industry Projections and insights

The recent ABS stats show job advertisements increased by 1000 (0.6%) in December 2019. With the strongest employment gains across Professionals and Technicians with this occupation being up by 0.9%. Coupled with the unemployment rate that decreased by less than 0.1 pts to 5.1%.

The Department of project that employment in Professional, Scientific and Technical Services is projected to increase by 172,400 (or 15.1 per cent) over the five years to May 2024, reflecting ongoing strength in demand for the services of qualified with major contributions to the industry’s employment growth are expected to come from the Architectural, Engineering and Technical Services (projected to grow by 45,100 or 14.6 per cent).

Furthermore the Construction industry employment is projected to grow by 113,700 (or 9.7 per cent) over the five years to May 2024. This represents a growth rate higher than the all industries average but less than the strong 14.6 per cent growth observed over the five years to May 2019.

OIL & GAS

OIL & GAS

OIL & GAS

OIL & GAS

OIL & GAS

OIL & GAS