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The ABS sucks on labour market data. It is daly lagging and artificially strong. To wit, job vacancies just now:
Job vacancies decreased by 0.7% (2,900 vacancies) in the three months to November 2023 (seasonally adjusted). Despite this being the sixth consecutive quarterly decrease, the level of job vacancies in November 2023 remained elevated. Job vacancies were 70.8% higher than they were in February 2020, prior to the start of the pandemic. The ongoing high level of vacancies reflected the continuing labour shortages in many industries.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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