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Poised to Extend Midday Lows

By Sophia Rodrigues
     SYDNEY (MNI)  - Job vacancies in Australia rose for the eighth straight
quarter and posted the biggest increase in three quarters, thus pointing to
continued strength in the labor market.
     The data would comfort the Reserve Bank of Australia which expects
employment growth to continue and last month drew attention to the fact that
forward-looking indicators of labor demand continued to point to employment
growth increasing to above-average rates in coming months.
     As long as prospects for employment growth continue, the RBA is likely to
be patient with low inflation outcome. 
     Data published by the Australian Bureau of Statistics Thursday showed job
vacancies rose 5.7% in the February-May quarter, following an upwardly revised
5.4% rise in the November-February quarter. In y/y terms, job vacancies rose a
strong 24.0%.
     The latest rise was due to a 5.7% increase in private sector vacancies and
a 5.1% growth in public sector vacancies.
     From job vacancies data for the February-May period published by the
Australian Bureau of Statistics on Thursday:
                         February-May         November-February
                (seasonally adjusted)     (seasonally adjusted)
All Sectors                      +5.7  +5.4 (revised from +4.4)
Private Sector                   +5.7  +5.3 (revised from +4.2)
Public Sector                    +5.1  +6.2 (revised from +5.8)
--MNI Sydney Bureau; tel: +61 2-9716-5467; email:
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