Employment Now at All-Time High in Australia... Here's Why

Data from the Australian Bureau of Statistics (ABS) out on Wednesday showed that the job vacancies surged in the three months to November to reach an all-time high as the economy opened up from various coronavirus lockdowns.

The data, which is usually a reliable indicator of stronger employment growth ahead, showed that vacancies jumped by 23.4% in the November quarter, from the August quarter, to reach 254,400. The latest figure is up 12% on a year earlier and a startling comeback from the plunge to 129,200 suffered during the May quarter when lockdowns were at their height.

According to figures, the vacancies in the private sector climbed 24.2%, from the August quarter, while the public sector saw a rise of almost 17%. The largest gains came in the sectors hardest hit during the pandemic: arts and recreation; accommodation and food and retail trade.

The increase in country's employment put some wind in the sail of the labour market overall and indicates it can continue its surprisingly recovery, which saw the jobless rate drop to 6.8% in November, from a July peak of 7.5%.