Job vacancies dive
Jobs & Skills Australia released the latest government statistics on skilled job vacancies, which fell -5.9 per cent in February.
The index is now down -15 per cent or -36,900 positions over the past year to 209,900 vacancies, and sits at the lowest level in 4 years.
CommSec produced the most relevant chart below:
Recruitment activity fell across all 8 states and territories measured, with Victoria (-21 per cent) and Tasmania (-28 per cent) particularly hard hit over the past year.
This was also the worst result for the unemployment rate for...four years.
It will be interesting to see whether any equivalent softness is reflected in the official ABS labour force figures tomorrow.
Over the past year employment has grown by an amazingly strong +3 per cent, mainly driven by non-market roles.
With record high participation rates reported of late - largely driven by record levels of female participation in the workforce - there's every chance that the unemployment rate could still hold as low as 4 per cent in February.
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In other news, Charter Keck Cramer released its latest state of the market report.
It looks as though there is a serious shortage of housing building up in Sydney, with unit commencements hitting 14-year lows in 2024.
Source: Charter Keck Kramer
CKC sees the housing market supply as having broken down, and it's unlikely to improve a great deal without intervention at all levels of government and policymaking, they argue.
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