Jobs market holding up
Job vacancies fell only modestly over the 3 months to November, to 388,000.
That's some way down from the wild record high of 476,000 job vacancies at the May 2022 highs, but still it's an elevated number compared to where the trend was heading pre-pandemic.
Job vacancies are gradually falling back towards a more normal range in New South Wales, Victoria, Queensland, and Western Australia now.
South Australia still has particularly high demand for workers compared to historic trends.
Once we take into account the huge explosion in the size of the labour force due to record high immigration, the figures seem to point to a steady ongoing increase in the unemployment rate, but nothing too dramatic...at least at this stage.
The number of unemployed persons per job vacancy has increased from 1.1 to 1.4 over the past 15 months, but is still at very tight levels, the likes of which we haven't seen since the 1970s.
Overall, this shows that labour market dynamics are steadily normalising, and hopefully we can pull through 2024 without too many people being added to the dole queue.
---
P.S. Whenever you’re ready…here are 4 ways I can help you manage your own money and go next level wealth:
- Boom or Bust in 2023 – 20 minute online workshop for investors
Register for my next free online training - Boom or Bust? How to change your investment plan for 2023 - book in here
You also download a free copy of my e-book The Only 6 Ways to Become Wealthy here.
- Subscribe to our Top 10 Podcasts for Investors
Listen in to our podcasts
The Australian Property Podcast is one of Australia's biggest business podcasts.
And our enormously popular Low Rates High Returns Show is also available on Spotify.
- Subscribe for my free daily blog
Subscribe for my free daily blog with over 3.4 million hits here.
You can also catch up with me daily on Twitter here, where I'm active daily and have over 13,300 followers.
- Work with me privately
For a limited time you can book in a free diagnosis call with me here.
