Workers are mirrored in an workplace constructing’s home windows in Sydney’s Barangaroo enterprise district in Australia’s largest metropolis, May 8, 2017. REUTERS/Jason Reed
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SYDNEY, June 30 (Reuters) – Job vacancies in Australia surged to all-time highs within the May quarter as firms struggled to find staff amid a tightening labour market, one other signal rates of interest are doubtless to rise additional subsequent week.
Figures from the Australian Bureau of Statistics (ABS) out on Thursday confirmed vacancies within the three months to May jumped 13.8%, from the earlier quarter, to 480,100.
That was 29.7% greater than the identical interval final 12 months, and greater than double the extent in February 2020 earlier than the coronavirus pandemic first hit.
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“This reflected increasing demand for workers, particularly in customer facing roles, with businesses continuing to face disruptions to their operations, as well as ongoing labour shortages,” mentioned Bjorn Jarvis, head of labour statistics on the ABS.
“There was almost the same number of unemployed people and vacant jobs in May, compared with three times as many people before the start of the pandemic,” he added.
Hiring has overwhelmed all forecasts in latest months to drive the jobless charge down to its lowest in nearly 50 years at 3.9%.
That was one purpose the Reserve Bank of Australia (RBA) has raised rates of interest twice since May to 0.85%, and is taken into account doubtless to hike by one other 50 foundation factors at its July coverage assembly subsequent week.
Thursday’s information confirmed vacancies within the personal sector climbed 14.2% within the May quarter, whereas public sector vacancies grew 9.4%.
The variety of vacancies was highest in well being and social help, adopted by lodging and meals, scientific {and professional} and the retail sector.
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Reporting by Wayne Cole; Editing by Himani Sarkar
Our Standards: The Thomson Reuters Trust Principles.
Australia job vacancies surge as firms struggle to find staff & More Latest News Update
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