Record Unemployment Levels
UNEMPLOYMENT is set to fall further with the number of job vacancies rising to record levels, fuelling speculation of another interest rate rise.
National job vacancies in the three months to August rose 2.9 per cent, seasonally adjusted, according to the Australian Bureau of Statistics.
Job vacancies rose by 11.9 per cent in the year to August.
CommSec equities economist Martin Arnold said with job vacancies now at a record high, the unemployment rate was set to fall below 4 per cent - from its present 4.3 per cent - as business conditions encouraged bosses to seek more staff.
"The Australian economy is recording solid growth and business conditions are virtually as good as they get," he said.
The strength of the economy led a frustrated John Howard to say the public was failing to give the government credit for economic management.
"I think there is a view in the community ... perhaps a significant number that, for somehow or another, our economic strength and our economic stability and growth is happening naturally, that the economy is on autopilot," the Prime Minister told a public forum at Ocean Grove on the Victorian coast yesterday.
He said this was one of the reasons why the government was faring so poorly in the public opinion polls: "I think people are starting to take the Australian economy for granted."
Seasonally-adjusted job vacancies totalled 172,700 in the three months to August.
Mr Arnold said there were fewer than three unemployed people for every vacant job, the lowest level on record.
Business services has been one of the strongest growth areas, with 45,200 vacancies, 28.4 per cent more than a year ago.
The number of positions vacant in the communications industry has more than doubled to 2800 in the same period.
There was strong demand for labour in the construction, retail trade and transport industries.
Areas that appear to be less desperate for staff include hospitality, recreation and personal services.
The public sector is continuing to expand, with the number of vacant jobs 11.8 per cent higher than a year ago.
In the year to August, job vacancies in the boom state of Western Australia were up by 31.8 per cent, unadjusted, followed by the ACT, which was up 31 per cent.
Only Queensland had a decline, with year-on-year vacancies down 3.3 per cent.
Matthew Johnson, the senior economist at broker ICAP, said the rise in jobs vacancies should deliver employment growth of more than 2 per cent.
"This means that unemployment will probably fall lower, and that everyone from the Reserve Bank down will continue to fret about wage-push inflation," he said.
High job vacancies and low unemployment is a traditional recipe for inflation, with a limit to how many positions can be filled.
There has, so far, been no evidence of wage inflation, with the average cost of labour rising broadly in line with costs in the economy. The next inflation figures are published on October 24.
UBS chief economist Scott Haslem said the growth in job vacancies would contribute to higher inflation in the final months of 2007. He predicted the Reserve Bank would raise interest rates in February 2008 to stop inflation going above the RBA's 3 per cent target range.
However Mr Arnold said the increase in labour supply, coming from skilled migration, would not generate wages pressures.
Questions and Answers
Self-help industry is a 64 BILLION dollars. Investment opportunities need no introduction to invesmtnet strategies, or investment for dummies, but investment ideas to make profit and retire young is a smart move
Now anyone can get the benefit of hard hitting, powerful, no nonsense recruitment advice from one of the leading man management practitioners in the world ... ... WITHOUT the £3000 AN HOUR price tag!
A common question from prospective proprietary traders preparing to make an impression at their interview for a vacancy is "What interview questions will I be asked?", "How will the interview process be conducted?" and "How best can I prepare for my interview?". In this most competitive of industries it is important to gain any edge you can - this guide can help give you that edge.
If you are keen on reviewing the career decision you have taken, our career finder is here to help. We teach you to handle work related problems easily as well as improve your personal and professional balance.
Job interviews are all about finding the right fit between the employer and potential employee.
Inexorable statistics show that most people don't like their jobs: 87% of Americans don't like their job. What should we do about it? To call at work and pretend you are ill is not the best way out. Fortunately there are more efficient methods that will change your severe work routine for better. The central
Teaching English abroad in Vietnam is a unique experience for anyone who seeks to explore a beautiful country with a rich heritage. You may find people who say that it is not difficult to find jobs in Saigon, but the converse is true. It depends on where and how you conduct your search.
Thailand is a beautiful country with an expanding opportunity to teachers seeking opportunities to travel and teach. The steady demand for native English speakers means that any confident applicant with basic teaching skills can secure employment without difficulties.
Doctor jobs are growing in demand. Canadian research discovered that over four million Canadians lack a family physician Because four million Canadians don't have a family physician, the need for physicians is enormous Provinces throughout Canada are desperate to fill these vacancies.
Although Singapore is an island nation, it has grown to become a modern and efficient first world model country in Asia too. The infrastructure is remarkable and education sector largely successful.
Malaysia is a beautiful country with a thriving tourism industry. Like other emerging countries in Asia, the education sector spurs the knowledge-based economy. The education reforms have been instrumental in producing a quality workforce that satisfies the professional demands of various industries.
Anything being sent to a decision-maker should sell you, not just state facts. When conducting a job search, your cover letter and resume are in a pile for the decision-maker to review, one by one, along with a vast number of other documents submitted by other hopeful individuals. The odds that YOUR document is
When you first decide you'd like to work at home, you may be tempted to search for a telecommuting job or join a home business opportunity right away. There are certainly benefits to those options, but stop and think for a moment, "Is that the right choice for me?"
Microsoft certification is a vast combination of rich and varied spectrum of job and responsibilities. To successfully perform the critical IT function we should earn a specific credential providing objective validity of the ability. One of the most effective ways to reach a long-term career goal, which is
Among the many considerations you will have to take into account when pondering the question of retirement, selecting your location may be the most important. For many people, retirement will not be a static existence- the circumstances of life will probably mean that there will be several changes to
Recruiting, retained or contingency, involves (or should, anyway) directly approaching individuals who, based on their title or position, might well have the experience to handle the job description and position for which the client is seeking someone. The individuals who are approached, of course, are
