Australian job vacancies hit all-time peak

Job vacancies in Australia edged higher in the three months to November to notch an all-time peak, hinting that demand for labour remains strong despite a low unemployment rate.

Total job vacancies accelerated by a seasonally adjusted 1.3 per cent to 241,600 in the September-November quarter, up from 238,400 in the previous quarter, data from the Australian Bureau of Statistics showed on Wednesday.

That’s the highest reading since the series began in 1979.

Callam Pickering, economist for job site Indeed, said the figures showed labour market slack remained too high, and would continue to weigh on wage growth.

“It highlights the ongoing challenge for the Australian economy: Creating enough opportunities to bring unemployment and underutilisation down to an acceptable level,” he said.

Growth in job vacancies was largely driven by NSW, which more than offset the decline in Victoria.

Mr Pickering said he anticipated employment growth in both states will ease in 2019 due to concerns over housing and retail.

Source link Finance News Australia

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