Wednesday, November 30, 2022

February job vacancies balloon to 423,500

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Demand for workers remains high, supporting this week’s federal budget forecasts for the unemployment rate to fall below four percent this year. The Australian Bureau of Statistics said there were 423,500 vacancies in February, 6.9 per cent higher than in November and about 200,000 more than recorded before the COVID-19 pandemic. “Vacancies are still reaching new record highs due to the pandemic,” said Bjorn Jarvis, head of labor statistics at ABS. “The high number of vacancies shows the strong demand for workers across the economy, as businesses respond to disruptions in operations, coupled with labor shortages across the economy.” This week’s budget and the Reserve Bank of Australia’s most recent forecasts suggest that the unemployment rate has reached 3.75 per cent this year, a level not seen since the early 1970s. The unemployment rate stands at four percent, the lowest level in 14 years. The ABS also released building approval figures which showed a massive increase in February, recovering after the disruptions caused by the Omicron variant outbreak. Total building approvals rose by 43.5 percent in February to 18,675 after falling by 27.1 percent in January. “The large increase in the total number of dwellings approved in February was recorded across all dwelling types,” said ABS’s director of construction statistics, Daniel Rossi. Approvals for housing in the private sector rose by 16.5 per cent to 10,240, while the more volatile category of ‘houses excluding houses’ rose by 78.3 per cent to 7,183. fastest annual pace since November 2008. Australian Associated Press

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