Looming job market slowdown to hit young workers hard

Austerity among consumers is having an impact on hiring across hospitality, tourism and retail. (Lukas Coch/AAP PHOTOS)

Australia's job market has proved surprisingly resilient to interest rates moving higher, though chinks in the armour are starting to show.

A slowing pace of annual growth in payroll jobs, which tracks the number of employees on employer payrolls, points to a slowdown in labour market growth.