The Australian labour market in 2014: Still ill?

The Australian labour market remained in a subdued state during 2014. Participation and employment rates fell, while unemployment and underemployment rates rose. Of the limited employment growth that did occur, most was in the part-time workforce and concentrated on prime-aged and older workers. After exhibiting serious weakness in 2013, the youth labour market deteriorated further in 2014. A rise in job vacancies was a sign of possible improvement, but employers’ confidence has not yet recovered to nearly the extent necessary to end the labour market slowdown of recent years