Job Vacancies in Australia Rebound

SYDNEY (Reuters) – Job vacancies in Australia rebounded in the November quarter, breaking a nine-quarter streak of declines, indicating resilience in the labor market.

Data from the Australian Bureau of Statistics (ABS) revealed that vacancies increased by 4.2% in the three months leading up to November, partially recovering from a 5.6% decline in the previous quarter.

Although job openings are down 10.3% compared to the same period last year, totaling 344,000, they remain 51% higher than pre-COVID-19 levels.

Vacancies in the private sector grew by 4.7%, while public sector vacancies saw a modest rise of 0.4%.

The increase was noted in 14 of the 18 industries surveyed, with the most significant percentage gains occurring in accommodation and food services, as well as arts and recreation, offsetting declines in construction and education.

Despite a slowdown in overall economic growth, the labor market has shown unexpected resilience, with unemployment decreasing to an eight-month low of 3.9% in November.