Job vacancies fell 1.1% in May quarter

The number of job vacancies fell 1.1 per cent over the three months to May, which the ABS says indicates a "noticeably weaker" performance than a year ago.

A classifieds job section in a newspaper

Employers in May advertised 241,500 positions in May. (AAP)

The number of job vacancies fell 1.1 per cent over the three months to May, a "noticeably weaker" performance than a year ago.

Employers in May advertised 241,500 positions, according to seasonally adjusted data released on Thursday by the Australian Bureau of Statistics.

Public sector vacancies rose 3.8 per cent but vacancies in the much larger private sector fell 1.6 per cent, pulling down the overall rate of growth from 1.2 per cent in the February quarter - and from 6.7 per cent a year ago.

ABS chief economist Bruce Hockman said growth in vacancies was noticeably weaker in 2019 than it had been in 2018.

"Growth in the quarterly trend measure of job vacancies was 0.3 per cent in May 2019, which was well below the 4.1 per cent a year ago," Mr Hockman said.

"This was consistent with the recent slowing in other economic indicators."

Figures out last month showed the economy grew by an underwhelming 0.4 per cent during the March quarter as household spending weakened and the property construction downturn rolled on.

The Reserve Bank has cut the cash rate at each of its past two board meetings - the first time it has done so since 2012 - in an effort to stimulate the economy and is closely monitoring the labour market for any sign that further reductions could be needed.

"We remain of the view that the RBA will cut," AMP chief economist Shane Oliver said on Thursday.

"The RBA is expected to cut 0.75 per cent November and 0.5 per cent in February."

Tasmania had the largest percentage increase in vacancies over the year to May, while the largest percentage decrease in vacancies occurred in Victoria.


Share

2 min read

Published

Source: AAP



Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Follow SBS News

Download our apps

Listen to our podcasts

Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS

SBS World News

Take a global view with Australia's most comprehensive world news service

Watch now

Watch the latest news videos from Australia and across the world