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Australia’s job market is shrinking, with employment platform behemoth Seek saying the peak times to either switch roles or get a pay rise are likely behind us. In its latest labour market balance report, Seek is warning Aussies the job market has become looser over the last two years and “broadly balanced”. A tight labour market means it is easy for jobseekers to find work and is generally seen as better for employees, while a loose labour market means that there is more competition among jobseekers for fewer roles. Seek said the indicators revealed there were still jobs out there for those who were searching, but they were not as plentiful as they had been over the last few years. “It is taking 10 weeks longer for the average jobseeker to find a job and there is more competition for roles,” Seek report author Blair Chapman wrote. “From a hirer perspective, this means that there are now more potential candidates to choose from and roles should be easier to fill than in 2022.” While pointing to a bleak overall picture for employees moving forward, there are still pockets where jobseekers can get ahead. Job ads for healthcare medical, community services deployment and manufacturing transport logistics remain elevated despite Australia’s economy slowing. On the other side, jobs in information communication technology and banking finance are no longer in demand and demand has fallen below pre-Covid levels. This is likely going to have a flow-on effect for Aussies next pay rise, as wages also tend to grow faster when the market is tight and employers have to offer higher wages to attract top talent. “Wages can take time to reflect an imbalance in the market because of the nature of wage settings in Australia,” Mr Chapman said. Although there is a silver lining for employees, the labour market still remains tighter than five years ago. The report said while the labour market was slightly loose in 2019 on average, it is a natural comparison point to use for assessing where we sit today, as it was the year before we experienced the massive disruptions caused by Cvid and the economy was relatively stable. “If the Australian economy is operating at its full potential, the labour market should be a little tighter than it was in 2019 when the RBA was cutting the cash rate to encourage faster economic growth, and the labour market was not tight,” Mr Chapman said. Seek’s report follows Australia’s official unemployment rate holding steady for three months, at 4.1 per cent, according to the Australian Bureau of Statistics (ABS). Unemployment Figures The number of unemployed people in October was 67,000 higher than a year ago but was still 82,000 people lower than in March 2020. “With employment rising by around 16,000 people and the number of unemployed up by around 8000, the unemployment rate remained at 4.1 per cent,” ABS head of labour statistics Bjorn Jarvis said. “This was the third month in a row that the unemployment rate had been at 4.1 per cent. This is around 0.6 percentage points above its recent low of 3.5 per cent in June 2023 but is 1.1 percentage points below March 2020 when it was 5.2 per cent.”
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InventHelp Inventors Develop Improved Way to Display Large Outdoor Yard Signs (SGM-398)Subscribe Search Search Sort by Relevance Title Date Subscribe ALBAWABA – ChatGPT’s developer, OpenAI, said on Thursday that it is looking into consumer complaints regarding issues with the AI program reportedly not functioning for many. Also Read OpenAI fined $15.5M by Italy over ChatGPT Many users took to social media reporting the service’s downtime, with our own testing with the app not showing conversation history, as well as failing to answer to queries with variety of errors. Reports on Down Detector started picking up approximately 1:30 PM ET, which seems to be when the service interruption arose. OpenAI said that ChatGPT, the API, and its text-to-video generator Sora are “currently experiencing high error rates” in a status page update at 2:00 PM ET. WTF is wrong with ChatGPT again?? @OpenAI It's down again! I can't use, can't access my chat history... what am I even paying for??? pic.twitter.com/fir8HlA8nR — Arek Dvornechuck (@ebaqdesign) December 26, 2024 According to an update published at 2:18 PM ET, OpenAI continues to keep an eye on the matter and said that the problem was “caused by an upstream provider.” Also Read Elon Musk's AI startup xAI secures $6 Billion in funding OpenAI said at 3:06 PM ET that it is "continuing to work on a fix." However, no estimated time of return for the service has been provided as of yet. Approximately 92% of users who reported problems with the application suspect they were associated with ChatGPT, with a small percentage claiming that the website or API was the culprit of the issue, as reported by the Mirror. Over the last several months, ChatGPT has experienced multiple outages. Only a few days after OpenAI made Sora available to ChatGPT subscribers earlier this month the video production tool and ChatGPT fell down for hours. In the meanwhile, ChatGPT went down in June due to a large outage that affected the AI tools, according to Yahoo. A passionate about the Gaming Industry with a career of over 5 years in the field, I write about current trends and news in the Game Development business and how it impact the industry and players. Laith has recently started a new position at Al Bawaba as a freelance business writer. Subscribe Sign up to our newsletter for exclusive updates and enhanced content Subscribe Now Subscribe Sign up to get Al Bawaba's exclusive celeb scoops and entertainment news Subscribe to our newsletter for exclusive updates and enhanced content Subscribe
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What do Reviews of Real Mitolyn Users Say About Purple Peel Exploit for Weight Loss?Israel’s attorney general has ordered police to open an investigation into Benjamin Netanyahu’s wife on suspicion of harassing political opponents and witnesses in the Prime Minister’s corruption trial. The Israeli Justice Ministry made the announcement in a message late on Thursday, saying the investigation would focus on the findings of a recent report by the Uvda investigative programme into Sara Netanyahu. The programme uncovered a trove of WhatsApp messages in which Mrs Netanyahu appears to instruct a former aide to organise protests against political opponents and to intimidate Hadas Klein, a key witness in the trial. The announcement did not mention Mrs Netanyahu by name and the Justice Ministry declined further comment. Earlier on Thursday, Mr Netanyahu blasted the Uvda report as “lies”. It is the latest in a long line of legal troubles for the Netanyahus, highlighted by the PM’s ongoing corruption trial. Mr Netanyahu is charged with fraud, breach of trust and accepting bribes in a series of cases alleging he exchanged favours with powerful media moguls and wealthy associates. He denies the charges and says he is the victim of a “witch hunt” by overzealous prosecutors, police and the media.AP Sports SummaryBrief at 3:50 p.m. ESTStarbucks barista strike expands on fifth day of closures
NEW YORK (AP) — Stocks slipped in afternoon trading Friday as Wall Street closes out a rare bumpy week. The S&P 500 fell 0.2%, and is on track for a loss for the week after three straight weekly gains. The Dow Jones Industrial Average fell 81 points, or 0.2% to 43,833 as of 12:56 p.m. Eastern time. The Nasdaq fell 0.3% and is hovering around its record. Broadcom surged 20.2% after the semiconductor company beat Wall Street’s profit targets and gave a glowing forecast, highlighting its artificial intelligence products. The company also raised its dividend. The company's big gain helped cushion the market's broader fall. Pricey stock values for technology companies like Broadcom give the sector more weight in pushing the market higher or lower. Artificial intelligence technology has been a focal point for the technology sector and the overall stock market over the last year. Tech companies, and Wall Street, expect demand for AI to continue driving growth for semiconductor and other technology companies. Furniture and housewares company RH, formerly known as Restoration Hardware, surged 14.3% after raising its forecast for revenue growth for the year. Wall Street's rally stalled this week amid mixed economic reports and ahead of the Federal Reserve's last meeting of the year. The central bank will meet next week and is widely expected to cut interest rates for a third time since September. Expectations of a series of rate cuts has driven the S&P 500 to 57 all-time highs so far this year . The Fed has been lowering its benchmark interest rate following an aggressive rate hiking policy that was meant to tame inflation. It raised rates from near-zero in early 2022 to a two-decade high by the middle of 2023. Inflation eased under pressure from higher interest rates, nearly to the central bank's 2% target. The economy, including consumer spending and employment, held strong despite the squeeze from inflation and high borrowing costs. A slowing job market, though, has helped push a long-awaited reversal of the Fed's policy. Inflation rates have been warming up slightly over the last few months. A report on consumer prices this week showed an increase to 2.7% in November from 2.6% in October. The Fed's preferred measure of inflation, the personal consumption expenditures index, will be released next week. Wall Street expects it to show a 2.5% rise in November, up from 2.3% in October. The economy, though, remains solid heading into 2025 as consumers continue spending and employment remains healthy, said Gregory Daco, chief economist at EY. “Still, the outlook is clouded by unusually high uncertainty surrounding regulatory, immigration, trade and tax policy,” he said. Treasury yields edged higher. The yield on the 10-year Treasury rose to 4.39% from 4.34% late Thursday. European markets slipped. Britain's FTSE 100 fell 0.1%. Britain’s economy unexpectedly shrank by 0.1% month-on-month in October, following a 0.1% decline in September, according to data from the Office for National Statistics. Asian markets closed mostly lower.