Job vacancies fall further; unemployment to rise

Job vacancies fall

Job vacancies fell another -3,000 over the 3 months to August, for a decline of -0.9 per cent, following a -2.2 per cent decline over the preceding quarter.

While the 3 most populous states appear to have stabilised, job vacancies fell in all most of the other states and territories. 

The number of unemployed persons per job vacancy has increased from the pandemic emergency lows of around 1(!) to 2.2.

This is the highest ratio since February 2021, and suggests that monetary policy has been mildly restrictive.

With the size of the labour force continuing to swell quite rapidly, it looks as though the unemployment rate may rise gradually towards 5 per cent, and then above.

Overall, it does look as though the unemployment rate will keep rising from here, with Western Australia and the Northern Territory seeing fewer roles created, and Canberra seeing some cutbacks in hiring too.

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