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Vacancies Down But Elevated Level Signals Tight Labour Market

AUSTRALIA DATA

While job vacancies fell 2% q/q in Mar-May, the 4th consecutive drop, they remain elevated at around 89% higher than February 2020. This means that businesses are still “reporting difficulties in recruiting and retaining staff” according to the ABS. The labour market remains tight consistent with employment data.

  • Businesses reporting at least one vacancy rose to 25% in May from 24% in February suggesting no easing in hiring intentions in the latest quarter. This is more than double what it was pre-Covid. The ABS said that “the percentage of businesses reporting at least one vacancy has been above 11 per cent since August 2020, and higher than 20 per cent since May 2021. This highlights the impact of a tight labour market on a broad range of businesses.”
  • The private sector was the driver behind the May decline falling 2% while public sector vacancies were steady.
  • All states and territories saw lower vacancies compared to a year ago, except SA. 12 of 18 industries saw a decline while education & training posted an 18% increase.
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