Recent vacancies data suggest we shouldn’t get too excited about jobs market just yet

Tomorrow’s release of April labour force data from the ABS will hopefully confirm a recovery in the job market in Queensland, continuing the positive trend from last month (see my post from last month: Qld unemployment rate falls slightly to 6.1% – rising participation a good sign). But data on job vacancies presented in the Queensland Training Department’s latest quarterly Labour Market and Training Review suggest any recovery may be slow, given vacancies remain at low levels and aren’t surging back (see the charts I’ve copied from the Review and pasted below). Another reason not to get too excited about the labour market just yet is the Federal Employment Department’s leading indicator of employment, which has declined for the seventh consecutive month, as reported by MacroBusiness today (DEEWR leading jobs index falls again).

internetvac

absvac

anzvac

The Training Department’s Labour Market and Training Review contains a useful collection of labour market data, but I’d really like to see the Department’s considered assessment of the current state of the labour market and the short-term outlook. Currently, the Review is full of labour market facts, but it could do with more analysis and interpretation. That said, I’m really glad to see the Department has re-commenced producing this Review, as a number of the charts and tables are very interesting and informative.

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