\u201cThis meant that the unemployment rate remained steady at 4.2 per cent whilst the participation rate fell by 0.1 percentage points to 66.8 per cent.\u201d<\/p>\n
Additionally, the ABS noted that full-time employment numbers dropped by 41,000 people, and part-time employment rose by 36,000 people.<\/p>\n
\u201cHours worked fell 0.4 per cent in August, supported by fewer people working full-time hours this month,\u201d Crick said.<\/p>\n
Reflecting on the data from the ABS, Employment Hero chief executive Ben Thompson (pictured) said that although unemployment is \u201cflat\u201d this month, even a modest drop in jobs will \u201cratchet up the caution\u201d that is already rippling through Australian workplaces.<\/p>\n
What\u2019s striking, Thompson said, is that Employment Hero\u2019s Annual Jobs Report showed a softening in employment numbers, given that \u2013 according to the provider \u2013 more than one in two (57 per cent) workers are \u201cjob-hugging\u201d, or prioritising job stability over career-moving opportunities.<\/p>\n
In other words, Thompson said: \u201cMany are bracing themselves, not advancing, and that makes even small cracks in the labour market feel a lot bigger.\u201d<\/p>\n
It\u2019s important to note, he went on, that the fall in employment was led by full-time jobs, while part-time actually saw a hiring surge.<\/p>\n
\u201cThis is a trend we\u2019ve been seeing pretty consistently over the past year,\u201d he said.<\/p>\n
\u201cFinancial strain has business owners leaning on flexible hiring, while workers are picking up multiple gigs to keep up with the cost of living.\u201d<\/p>\n
\u201cOur data shows one in three Australians are poly-employed, which rises to 56 per cent for under-25s.\u201d<\/p>\n
The good news, Thompson concluded, \u201cis that Australians continue to be resilient and resourceful in the face of a tough economy, and I don\u2019t see that changing anytime soon\u201d.<\/p>\n
Martin Herbst, the chief executive of JobAdder, supported this, noting that the latest employment data points to a cooling jobs market, \u201cthat could reshape behaviour on both sides of the hiring desk\u201d.<\/p>\n
\u201cJob seekers are likely to be more cautious about switching jobs and tend to stay longer in their current roles. This will likely compound the trends we\u2019re already seeing where recruiters are dealing with larger candidate pools, with applications up 42 per cent year-on-year, but for fewer open roles,\u201d he said.<\/p>\n
\u201cIf the trend continues, we can expect slower wage growth, longer hiring cycles and an employers\u2019 market with limited candidate leverage.\u201d<\/p>\n
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