Construction peak
Just an additional point on yesterday's figures.
Counter-intuitively the reported construction job vacancies rose to a 6½-year high in the November 2018 quarter, for reasons that weren't entirely clear to me (resources investment picking up?).
Of course, the figures are based from a survey sample, and this could simply be a blip.
Of course, the figures are based from a survey sample, and this could simply be a blip.
Now, full disclosure: I wrote a report last year (published here at LiveWire) that predicted construction employment would fall off sharply.
To date, construction employment has fallen from those dizzying peaks, by 27,000 - which is a bit, but not that much.
So, maybe I'm wrong.
I think I may just be early, especially as non-residential approvals are now in decline too.
One to watch in 2019 anyway.
