No new jobs in the economy: will this make it harder for older workers?

The announcement of no new jobs in the economy in July in yesterday’s employment data might be debatable but I ask you to think about whether this shift in trend in the working economy is  making it harder for older workers or perhaps, looking more deeply it is because workers are regaining confidence and re-entering the workforce.

If you believe the data and the media, Australia has been slapped by the biggest jobs crisis in ten years with the announcement of yesterday’s ABS jobs figures for the month of July showing our jobless rate rose to a decade-high of 6.4 percent seasonally adjusted.  The headline number leapt from 6.0 percent in July, and was above projections by leading economists of flat at 6.0 percent.

And this time it is the younger generation that is showing as the most particularly hard hit, with unemployment levels for 15-24 year olds at 14.1 percent, at its highest point since October 2001.

The important thing that didn’t make it into the headlines is that just 300 jobs have been lost altogether from our economy in the last month, down from the prior month’s growth in employment that was pacing at 13,800 in the prior month.

But one number might allow us some light in the tunnel, with the participation rate up from 64.7 percent to 64.8 percent… meaning there is clearly more people in the workforce this month than last.  There was more people in our economy looking for work!

Other positive detail in the data was a 14,500-strong rise in full-time employment, while an estimated loss of 14,800 part-time jobs accounted for all of the decline in positions.

Maybe this means more people are indeed gaining the confidence to re-enter the workforce after a period on the sidelines. I wonder if this is rippling through our older workers.

And so I ask you today… Do you feel optimistic about the workforce environment at the moment?  Or do you feel pessimistic about the employment economy, and how are you involved in it?

Are you working, looking for a job, employing people or retired?  How does the employment market affect you?