The first quarter of the year ended with a significant loss of 139,800 jobs, the most pronounced for this period since the pandemic and, excluding 2020, since 2014. This decrease was primarily due to the destruction of full-time jobs, with 199,700 full-time positions lost but 59,900 part-time positions created. This means that for every part-time job created, three full-time jobs were destroyed, compared to a ratio of 1.3 to 1 in the previous year.
The increase in part-time employment could be attributed to the rise in the Minimum Interprofessional Wage, leading to employers reducing working hours to save on labor costs. Despite an overall growth in employed individuals, total hours worked in the economy have declined, leading to an increase in part-time employment. This trend is also seen in the number of employed individuals not working despite having a job, particularly due to illness or temporary disability.
In other industries that experienced losses during this quarter include financial activities, wholesale and retail trade, public administration and domestic employer activities while education saw growth in part-time employment due to Easter falling in March. However professional scientific and technical sectors were hit hardest by job losses.
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