Job vacancies in decline
Job vacancies increased in the public sector again in the 3 months to August, but private sector job vacancies fell by -3.4 per cent.
Overall, job vacancies fell by -2.7 per cent to 327,200, to be about one third below the peak of 475,000 some 3 years earlier.
Queensland continues to be the standout economy, with jobs vacancies in the Sunshine State increasing to 71,400, even though there are some regional jobs being lost in the
coal mining industry.
New South Wales also saw a small increase to 98,100 vacancies.
Overall, however, vacancies are easing, with Victoria (or -7,300 or -8.8 per cent) experiencing the greatest drop.
At this stage, there are still only a couple of unemployed persons per job vacancy.
That said, the trajectory of job vacancies as a share of the labour force suggests that the unemployment rate will continue to rise from here towards 4½ per cent, and probably beyond.
As corroborative evidence, some random guy on X Tweeted me the below indexed chart of SEEK job applications per advert.
Source: Some random guy on 'X'
Overall, though labour market dynamics may have shifted a little since the pandemic, it looks as though the unemployment rate will rise in most states and territories ahead.
---
1. Download our property buying guide
Download our free property buying guide here.
You can also check out a few of our recent property purchases here.
Get in contact with us today if strategic property investment is your thing.
2. Subscribe to our Top 10 Podcasts for Investors
Listen in to our podcasts
The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.
And our popular Low Rates High Returns Show also remains available on Spotify.
3. Subscribe for my free daily blog
Subscribe for my free daily blog with more than 4 million hits here.
You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,300 followers.
By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here.
My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here.
4. Work with me privately
For a limited time you can book in a free diagnosis call with me here, so book in a call today.
