Sydney Job Market Update: September Quarter 2024

Despite a challenging start, job volumes showed signs of recovery, indicating early signs that the market may be stabilising:

% Change in Job Opportunities from Previous Monthly period

Market Observations:

• The September Employment Report from SEEK recorded a 1.3% increase in total job advertisements for the quarter, with a 0.5% month-on-month rise. This marks the third consecutive month of job ad growth, the first time such a trend has been observed since May 2022. However, it's worth noting that job advertisements are still down 11.1% year-on-year.

• The September Labour Force Report, released by the ABS this morning, showed:

  • The unemployment rate remained steady at 4.1%.

  • The underemployment rate decreased to 6.3% (down 0.2%).

  • The participation rate rose to 67.2% (up 0.1%).