Australian employment growth has been solid over the past year, running at 2% in the year to August. However, despite being significantly higher than the 0.8% pace recorded in the previous 12 months, almost all of the jobs created have come from lower paying sectors.
That’s the view of Diana Mousina, economist at CBA, who points out that such a scenario – higher employment growth in lower wage sectors – is generally a negative for household spending power.
Job gains were concentrated in the service sectors, said Mousina in a research note released today.
The sectors of professional services, healthcare, accommodation and food services and admin services created the most jobs.
Job losses across the sectors were focused in retail, agriculture, finance and insurance and mining. About 44% of new jobs created over the past year were part time.
See the full article and CBA charts that reveals job creation across the various individual sectors here: