More detailed jobs data show professional services up, sales staff out.
If you are an out-of-work architect you had better get cracking, as the job places are rapidly filling up.
A detailed dive into the Australian Bureau of Statistics quarterly labour market data shows employment in architectural services is the hottest spot, in the hottest sector of professional services.
Over the past year 19,800 architectural jobs have been created, with market research and statistical services not far behind with 19,000 new jobs.
Overall, the professional services sector created more than 75,000 new jobs over the past 12 months.
The next most prolific sector was accommodation and food services, with 50,000 new jobs.
At the other end of the spectrum, retailing shed 38,500 jobs and mining lost 21,300.
Bank of America Merrill Lynch economist Alexandra Veroude has taken a deep look at the figures and found the services sector is now responsible for 95 per cent of the jobs created since 2010.
Big structural changes likely to keep wages growth low
Ms Veroude said the data points to significant structural change and headwinds in key sectors.
“We expect that employment growth will continue to be soft and likely to be concentrated in part-time employment,” Ms Veroude said.
There is unlikely to be any good news in the short term for job seekers looking at a career in retail, except perhaps selling HB pencils to architects, and in supermarket aisles.
While the bulk of the retail jobs have been lost in clothing, footwear and personal accessories shops, supermarkets have added 34,500 workers as the big chains stumble on the idea that better service can deliver more customers and as Aldi continues to roll out new stores.
“Weak wages growth and the lack of inflationary pressures are weighing on the retail sector, at a time when the lower Australian dollar is increasing the cost of goods sold,” Ms Veroude noted.
“We expect that challenges will continue to face this sector, with wages growth expected to remain subdued and competition keeping downwards pressure on margins.”
Residential construction may have peaked, non-residential jobs still growing
Ms Veroude said there is a significant divergence developing within construction, with the residential sector appearing to have peaked while non-residential is still adding jobs.
“We expect employment in residential construction to remain elevated, but unlikely to be a driver of employment growth going forward with building approvals expected to taper modestly,” she observed.
“This highlights the importance of the state governments’ infrastructure pipeline to continue to support jobs growth through non-residential construction.”
Expect more marketing phone calls and food delivery bikes
Big data is another big driver of jobs, with market research and statistical information swelling its ranks with largely part-time workers.
“This is in line with comments from the RBA’s Alexandra Heath this week (when) she noted that non-routine, cognitive jobs will be the future of employment growth in Australia as automation eliminates routine, manual industries,” Ms Veroude said.
While the rapid growth in architectural jobs has slipped past almost unnoticed – except by the equally rapidly expanding statisticians – other growth drivers, or in this case riders, are readily identifiable.
“Numerous smart-phone applications for food delivery have supported employment growth in accommodation and food services; the major cities CBD’s seem to be inundated with food delivery bike riders,” Ms Veroude added.
While this trend – and an uptick in tourism – is expected to continue, at least in the medium term, it is likely they will be concentrated in part-time work that will keep downward pressure in wages growth.
By ABC News Online business reporter Stephen Letts.
23 September 2016, access original article here.