Monthly Employment Indicator Shows Continued Rise

The Department of Employment and Workplace Relations has released the November edition of the Monthly Leading Indicator of Employment.

The Indicator provides advance warnings of whether employment is likely to grow faster or slower than its long-term trend rate of growth and is produced by the Australian Government Department of Employment and Workplace Relations.

The Monthly Leading Indicator of Employment (the Indicator) has risen for the third consecutive month in November 2023, after falling for 17 consecutive months to August 2023. The Indicator’s recent rises are noisy, and a turning point in cyclical employment cannot be ascertained until after the Indicator has risen for six consecutive months.

The last confirmed peak in the Indicator was in February 2022, signalling that employment growth is expected to slow down to below its long-term trend rate of 2.2 per cent per annum in coming months. Employment growth (in trend terms) has been slowing gradually from 4.4 per cent over the year to September 2022 to 2.8 per cent over the year to September 2023.

Access the full November 2023 report.

Date posted Nov 23, 2023