Job vacancies easing back to earth

Job vacancies reverting lower

Job vacancies fell by a further -6.1 per cent (or -23,800 vacancies) over the 3 months to February on a seasonally adjusted basis.

This is certainly a visible trend around the Sunshine Coast - the stores, cafes, and restaurants that were so desperate for staff in 2022 have now resolved their issues...and indeed, many are closing. 

At the state level, South Australia is still experiencing a boomlet in prospective hiring, but the other states and territories are returning to earth,

It's been said that job vacancies are still historically high at 363,800, which is partly true.

However, the figures are backwards looking, and the size of the labour force has absolutely exploded.

In that context, it seems that the 'rogue' unemployment rate figure of 3.7 per cent will wash out in due course, and it's almost certain that unemployment will head up to 4½ per cent and above in due course under the current policy settings. 

In other news, retail turnover increased by a less-than-expected +0.3 per cent last month, which is to say going backwards after accounting for inflation and population growth.

James Foster ran through the details here. 

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