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CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Wednesday, 13 January 2016

NSW records highest ever job vacancies

Vacancies up

A really good result for Job Vacancies rising by another +3.5 per cent over the November quarter to hit their highest level since August 2012 at 167,600.

This survey confirms that Australia's labour market is strengthening, with businesses increasingly looking to hire and a growing range of opportunities becoming available for those searching for employment. 

Increases have been recorded over the past year in both the private (+11.2 per cent) and public (+16.5 per cent) sectors.

Services industry gains

The main driver this quarter was another sizeable jump in retail trade job vacancies (+6,500 over the year), suggesting that the outlook for household consumption is brightening. 

Meanwhile the greatest number of jobs will clearly continue to be created in the services sector.

Also showing an improvement over the year were administrative and support services (+5,400), wholesale trade (+3,100), and accommodation and food services (+3,100).

This is significant. 

Naturally, mining and manufacturing layoffs attract widespread media attention due to their typically higher profile.

However, the fate of the much larger services sector, where employment is spread across a huge number of businesses, is ultimately crucial for the economy. 

State versus state

Lest there was any doubt about the strength of the New South Wales labour market, vacancies are up by a massive +22.3 per cent over the past year to sit at their highest ever level.

Victoria also looks to be picking up strongly, with a +21 per cent increase in vacancies from one year ago.

As you can see in the chart below this was also clearly a very good quarter for Queensland, where vacancies are now +13.1 per cent over the year.

Indeed vacancies were up everywhere this quarter except for Western Australia and the Northern Territory. 

The wrap

Overall, a very nice set of numbers which augurs well for robust jobs growth in the first half of 2016.

Incidentally, if the gaps in the charts appear to be an "error" of sorts, then so it is: the survey was shelved for the periods between May 2008 and November 2009 due to funding cuts.