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Economics update | 1 July 2022
01 Jul 2022
Job vacancies at almost half a million
The labour market continues to tighten, with job vacancies increasing a further 14 per cent in May to a historic high of 480,000. This is more than double the previous highs experience prior to the pandemic.
Over 25 per cent of businesses are reporting at least one vacancy, showing just how acute the labour shortage has become. Sectors with the highest labour vacancy rates include administrative and support services (28 per cent), public safety and administration (38 per cent), accommodation and food services (34 per cent), other services (33 per cent) and construction (30 per cent).
Replacement / resignation (80 per cent) was the most common reason businesses were looking to fill job vacancies, with increased workload (47 per cent) and business expansion (28 per cent) also key drivers. This corresponds with the recent sharp increase labour mobility, as it appears workers are taking advantage of the tight labour market to seek promotion, move to a higher-paying jobs or as an opportunity for a career change.
It is useful to compare job vacancies with the number of people unemployed (around 540,000). There are now almost nine jobs available for every 10 people looking for work. Taking into account the skills mismatch, location of workers relative to jobs, and workers transitioning between jobs, the severity of the current labour crisis becomes clear and irrefutable.
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