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Today the ABS released their experimental data series Labour Account Australia for the June 2018 quarter. In the ABS’s own words..”The Australian Labour Account consists of eleven sets of tables focusing on four central quadrants of Jobs, Persons, Labour Volume and Labour Payments. Data in each table are available annually, and for the 19 industry divisions defined in the Australian and New Zealand Standard Industry Classification (ANZSIC). The experimental estimates presented here have been compiled from existing published and unpublished data from various sources.”
There are some major differences with the more familiar Labour Force data that the ABS produce each month. Most obvious amongst these is the fact that the Labour Account data counts all workers (who are “usually resident”), including those in the defence force, children under 15 years and non-residents (all of whom are excluded in the Labour Force data). It also looks at secondary jobs; i.e. jobs where the person being employed already has a primary (or “main”) job.
Full details of this data set can be found on the ABS website here.
Considering the data over the past year we see that Total Jobs (this includes filled and unfilled jobs) increased by 3.1% while vacancies rose 21.7%. Filled jobs are split into “main” and “secondary” jobs; main jobs increased by 2.6% while secondary jobs were up 6.0%.
Secondary jobs have been growing consistently faster than main jobs and if we look back over the past 7 years main jobs have increased at an average rate of 1.72% a while secondary jobs have been increasing at 2.57% pa.
Average hourly income per employed person is up 3.6% y/y but, with average hours actually worked per employed person falling 1.7%, average income per employed person is up just 1.8% (i.e. below the rate of inflation).
There’s heaps of fascinating detail available within the Labour Account which we hope to tease out in coming posts.
We are proud to have CBC Staff Selection as supporters of the Conus/CBC Staff Selection Trend Employment and Jobseeker data series