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Vacancies Ease But Still Elevated

AUSTRALIA DATA

Job vacancies in the 3 months to February fell sharply across both the public and private sectors but remain elevated. They were down 6.1% q/q after -0.8% q/q in Q4. At 364k they are their lowest since Q3 2021, but still 57% higher than Q4 2019. Vacancies-as-a share-of-unemployed, an indicator watched by the RBA, eased further at the start of 2024 but at 64% is almost double the 2019 average. The labour market remains tight and further easing will be needed to ensure inflation returns sustainably within the band.

  • The RBA looks at a range of indicators and they are generally showing a gradual easing in the labour market, including vacancies, underemployment and hours worked, but recently the unemployment rate has turned down again including for the under 25s.
Australia vacancies % unemployed

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Job vacancies in the 3 months to February fell sharply across both the public and private sectors but remain elevated. They were down 6.1% q/q after -0.8% q/q in Q4. At 364k they are their lowest since Q3 2021, but still 57% higher than Q4 2019. Vacancies-as-a share-of-unemployed, an indicator watched by the RBA, eased further at the start of 2024 but at 64% is almost double the 2019 average. The labour market remains tight and further easing will be needed to ensure inflation returns sustainably within the band.

  • The RBA looks at a range of indicators and they are generally showing a gradual easing in the labour market, including vacancies, underemployment and hours worked, but recently the unemployment rate has turned down again including for the under 25s.
Australia vacancies % unemployed

Keep reading...Show less