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What’s ahead for employment?

The good news is that job vacancies rose by 9.4 per cent over the year to February 2017 in trend terms to a total of 186,400.

That’s the highest result since all the way back in 2011, and suggests solid jobs growth ahead.

pw1

The number of unemployed persons per jobs vacancy is now back below 4 and at its lowest level since 2012, though there is literally more work to be done here.

pw2

The vacancies figures still have a Sydney-Melbourne flavour to them, in line with most other economic and demographic trends we’re seeing right now.

pw3

Well over 20,000 of the vacancies each were to be found in the healthcare and social assistance sector and the professional, scientific, and technical industries respectively.

Meanwhile manufacturing, mining, and construction have all picked themselves up of the mat lately.

Victorian jobs boom

Wealth Retreat 2017 - Pete Wargent

Sydney’s labour force has previously been on a blistering run, with total employment across the state growing by a walloping 4.4 per cent in trend terms over the calendar year 2015.

This was not sustainable, and employment growth has now slowed to a crawl.

Victoria (and particularly Melbourne) has now taken up the mantle, with employment growth peaking at 3.8 per cent in trend terms in October 2016.

In truth, there’s not been too much happening elsewhere…

PWweekend

When looking at the actual number of net new jobs created we see that Melbourne and Victoria have created…well, nearly all of the net growth in employment over the past year.

PWweekend2job employment australia

There is a veritable slew of new data out today, so there’s plenty to look at, including among other things new figures on migration and regional population growth for 2016.

I expect to see regional population growth having slowed further, with capital cities accounting for a near-record share of population growth.

Moreover, we can expect to see the strength in Victoria’s labour market sucking more people in to Greater Melbourne.

Stay tuned.



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About

Pete Wargent is a Chartered Accountant, Chartered Secretary and has a Financial Planning Diploma. He’s achieved financial freedom at the age of 33 - as detailed in his book ‘Get a Financial Grip – A Simple Plan for Financial Freedom’. Pete now manages his investment portfolio, travels and works as a consultant in the finance industry from time to time. Visit his blog


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