Media Release
Manpower, Level 22, Darling Park 2, 201 Sussex Street Sydney. NSW Australia 2000
Manpower Employment Outlook Survey
Under embargo until 0:01, 10th June 2008 Local Time
Hiring confidence in the Finance, Insurance & Real
Estate sectors declines to lowest levels in 24 months.
The Manpower Employment Outlook Survey released today, indicates the
employment prospects for job seekers in the Finance, Insurance & Real Estate
sector may well be softer than they have been for the past two years as business
leaders intend to hire less new staff.
The survey, which was part of a broader survey of 2,658 employers across Australia,
revealed that the majority of employers in this sector are intending to hold the line on
their staff levels for the next quarter. The levels of demand are considerably lower
than the past 24 months, and in fact have dropped back to the same lower levels
reported at the end of 2006.
The Finance, Insurance & Real Estate sector’s employment market shows a
considerably softening in hiring intention in the July – September quarter of 2008,
with a Net Employment Outlook of +24% compared to +31% in the last quarter, a
decline of 7 percentage points. This is also 18 points below the peak of April-June
2007, which saw a Net Employment Outlook of +42% for the sector.
According to Stephen Hinch, General Manager Marketing & Communications,
Manpower, Australia and New Zealand, “This considerable softening in intention to
hire new staff may not signal a slow down in net growth. The continuing softening in
hiring intentions may well be indicating a decline in pent up demand that was created
by internal mobility together with supply shortages”.
“This softer demand may also be an early indicator of the disaggregation of the
labour markets as some industries continue to grow from strength to strength while
others such as Finance as well as Wholesale & Retail begin to tighten and perhaps
shrink as consumer confidence tightens. Business leaders must continue to rethink
their strategies not only to attract but more importantly to retain the right talent, as
staff that you lose today may well need replacing tomorrow.” Hinch said.
“There has been a general even spread of growth across all industries over the past
few years only constrained by labour supply, but as the economy tends to shift we
may well see a disaggregation where some industries such as Wholesale & Retail
contract while other industries continue to grow. The net result of this disaggregation
could see as many as 150,000 people losing their jobs over the next 12 to 18
months, but only a slight up swing in unemployment as those with transferable skills
can move to the growth sectors”. Hinch noted.
-End-
For further information please contact
Stephen Hinch, Phone – 02 9263 8644, Mobile – 0488 495 270, shinch@manpower.com.au
The next Manpower Employment Outlook Survey will be released on the 9th of September
2008
NEWS 
