According to the latest executive demand index from recruitment firm EL Consult, the IT sector has fallen despite gains it made in June and July.
But, despite the decline EL says the IT sector remains approximately in the middle of its trading range for the year.
In October the majority of the losses in IT came in Victoria, Queensland and the ACT, and EL Consult says Web-based advertising created the majority of the downward draft.
Executive demand fell across all sectors and in all of the large states, while among the states and territories, the Northern Territory managed the best result backed by a strong web performance and improved Engineering and Management sector results.
EL says of the large states Queensland recorded the largest retraction due to losses in Management and Marketing.
In fact, Management and Marketing made up the bulk of the monthly decrease, while despite falling compared with the prior month, in absolute terms the financial sector is the largest supplier of executive-level jobs, with Information Technology the smallest.
And while the EL Consult Executive Demand Index has been recording its strongest performance since the GFC, according to EL it took a surprise dip of 15% in October.
Grant Montgomery, EL Consult managing director, says the significant growth over the last few months meant that a correction was expected given the month to month volatility of any employment series.
“The recent gains in demand have been very strong – the strongest positive movement since the GFC," he said.
“This has not just been an Australian experience – it is a global phenomenon.
“But there is a precedent for volatility in both financial markets and executive demand in October – the month has regularly been met with significant falls."