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More Vacancies Reveal Job Growth in Australia

September 2017, 28
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An addition in the job vacancy sphere reflects strong employment growth. Some analysts forecast additional 250,000 jobs in the next year.

Employers have taken measures to fill up 203,700 positions during August, which is six percent more compared to May, based on the notification issued by the Australian Statistics Bureau.

The private sector saw an increase of 6.1 percent from May in the Vacancies which now stands at 183,700.  The public sector saw an increase of 5.2 percent with a figure of 20,000.

Michael Workman, the senior economist, Commonwealth Bank, stated that the increasing numbers would result in monthly job additions between 18,000 to 22,000 in the next few quarters, and expressed that  250,000 jobs will be added in the next year. This is in addition to the existing healthy job growth of 325,000 in the year till August. He went on to say that it was sufficient to reduce the unemployment rate. This is in the light of the fact that there is a gradual downward trend in the rate of participation owing to the aging population.

The rate of unemployment would be around 5.4 percent by December 2017, from 5.6 percent at present.

Michael Workman observed that the trend in vacancies has been on the high side in the previous year, but the new jobs are not equal across regions, states, and sectors. Vacancies in the mining sector are high, because of better commodity prices, improved profitability and proper and better utilization of skilled labor.

Callam Pickering, Economist, who handles Asia Pacific jobs at Indeed- website portal said that the even though vacancies are a record high, there is still more slackness in the labor market. The number of vacancies per unemployed person stands at a 5-year low but remains above the pre-crisis level. Several people consider themselves underemployed and are on the lookout for more hours.

On the release of the data, The Australian dollar registered a decline and was trading at 78.20 US cents, down from 78.49 US cents before the release.

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