After experiencing one of the worst unemployment rates, Gen Y has now recorded the strongest employment growth over the last two year period, according to the latest jobs figures.
The MyCareer Employment Forecast for 2011 has highlighted the contrast between November 2009 when Gen Y jobs were negatively growing at 1.7%, compared to the latest figures from August 2011 which shows growth is now at 2.1%. Some 98,000 new jobs have been created during this period.
This market segment, in the 12 months to June 2011 also witnessed strong salaries and wages gains of 6.6%.
Michael Emerson, head researcher of the MyCareer Employment Forecast said, “These figures can be attributed to the lack of new opportunities in recent years, particularly for graduates during the global financial crisis.”
Emerson commented that Gen Y was the first sector to suffer during the GFC, and as a result, the cohort is now playing catch-up and is reaping good financial rewards.
“Their expectations are high as they seek a lifestyle with all of the trimmings,” he added.
There are now 2.9 million workers in the Gen Y category, and full and part time positions continue to grow. Indeed, the availability of full time roles has increased by 2.5% and part time employment options up by 1.4%.
However, Gen X (aged 30 – 42) is still the largest category with 4 million workers, and their wages and salaries have also been growing at a strong rate of 7.6%, well ahead of the Australian average of 4.0%.
Additionally, the full time jobs market continues to expand, but the rate of growth has eased recently for Gen X workers.
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