When will the job economy start to return to its normal level of activity?
When will technology companies begin to hire more staff and grow their businesses?
These questions are the subject of a new research paper by the National University of Singapore’s Business School.
The paper is titled “When will the jobs market pick up?”
The authors say it depends on the nature of the labour market in the future.
“In the past, the unemployment rate was around 25 per cent and the labour force participation rate was close to 80 per cent,” Dr Lee said.
“Today, the jobless rate is about 5 per cent, the labour participation rate is close to 50 per cent but the unemployment is at least 15 per cent.”
What happens if there is a slowdown in the labour supply?” he said.
When the economy recovers from a recession or a prolonged downturn, employers will start to look at hiring more people and start to ramp up hiring.
But Dr Lee says that will depend on the types of jobs that people are willing to fill.”
When people are looking for work, they tend to be more likely to want to do things such as looking for new jobs, and they tend not to want jobs where they have to work in a specific geographic location,” he said, referring to occupations in construction, manufacturing and services.
However, as the economy adjusts to a recovery, the unemployed will be able to resume their normal work, he said.(Supplied: The National University)”If we have a job market recovery, then employers will have to adjust their labour force.
That’s a time when people who are looking to do different things may need to move to other places.
And, if that’s the case, the jobs growth will start picking up.
“The researchers found that the job growth rate of the private sector in the years ahead will be lower than the average of the past five years.
The authors say that means that job growth in the economy will slow in the first two to three years.
However, by the end of that period, there will be a steady growth in jobs.
They say that in the coming years, as more people are able to find jobs, the recovery will continue.”
It will be more of a boom-and-bust than a recession-and that will lead to a more stable job market,” Dr Dr Lee added.
What are the key takeaways from the study?
The study suggests that as the jobs recovery begins, it will depend largely on the characteristics of the workforce, and how people are employed.
It’s important to note that the unemployment rates for the private and public sectors are lower than in recent years.
There’s also little correlation between unemployment rates and wages.
But overall, the researchers found, the economy is expected to pick back up from the current downturn within the next decade.
Topics:economic-trends,jobs,business-economics-and/or-finance,business,people,education,sustainable-business-planning,education-industry,education—other,sustainability,employment,jobs-and,employment-policy,social-policy-and.employment,national-university-of-singapore,australiaContact Rebecca PooningMore stories from South Australia