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Catherine Birch, senior economist at ANZ, notes that Australian job vacancies fell 1.1% in the three months to May 2019 but remain up 1.8% y/y.

Key Quotes

“The decline put an end to 11 consecutive quarterly increases.”

“Across the industries, health recorded the strongest growth in vacancies at 24.2% y/y but construction saw growth fall to 6.1% in May from 33.1% in the previous quarter. The communications, other services, and arts and recreation industries recorded the steepest declines.”

“Both ABS job vacancies and employment growth have been defying gravity for some time, in contrast with most labour market leading indicators, which have been pointing to a slowdown in employment growth. With vacancies now falling, weaker employment growth appears imminent.”