Job vacancies up another 7% in 3 months to February

Unemployment is on the way down.

Why do I say this?

Because job vacancies rose 6.9% in the 3 months to February to 423,000.

Vacancies are now 86% higher than pre-pandemic levels.

ABS stats show us the strength of labour demand stating that there are now just 1.3 unemployed people per job vacancy, less than half the number prior to the pandemic of 3.1.

This means the unemployment rate to fall below 4%, maybe even as soon as on 14 April when the March data is released.

This is well ahead of the RBA’s February forecasts for the unemployment rate to drift below 4% in the third quarter.

Job vacancies now 86 % above pre-pandemic levels

Just 1. 3 unemployed people per vacancy, a new record low

Elevated job vacancies are broad-based across states and industries.

Western Australia continues to see the largest increase in vacancies of the states since prior to the pandemic, now up 141% on February 2020 levels.

QLD and SA, Tas and NT also have vacancies more than double pre-pandemic levels.

All states and territories except Victoria saw an increase in vacancies in the three months to February.

Job vacancies well above pre-pandemic levels in all states

By industry, elevated vacancies continue to be broad-based, with arts and recreation, hospitality, and rental hiring and real estate seeing the largest growth in vacancies compared to pre-pandemic.

Growth in the three months to February was led by Construction (+17.3%) and Professional, Scientific and Technical Services (+13.5%).

 Job vacancies above pre-pandemic levels in all industries 

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About Joseph Ballota Joseph is a Property Coach who put hundreds of people on the road towards wiping away their mortgage in under 5 years through expert Property Investment Plans.