Job Vacancies Continue to Rise, Vehicle Sales Boost Car Industry

Strategic Insights -

Job vacancies in Australia continued to increase in February, with a 18.7% jump in job advertisements in major metropolitan newspapers. The ANZ Bank's employment ads survey showed that the strong upward movement in job opportunities, which began in the middle of last year, is continuing. The car industry received a boost with vehicle sales jumping by 32.4% in February, the best result since 1985.

The employment market is expected to keep growing in the first half of 1994, with job figures for February likely to show an increase of at least 10,000. However, the unemployment rate remains high at 10.5%. The car industry's sales volumes have seen a significant increase, with passenger car sales up 13.5% in February.

The Prime Minister, Mr Keating, has indicated that the Government's revised growth forecasts may still be too low, and that all options for funding employment initiatives, including a jobs levy, are still under consideration.

Key Takeaways:

  • Job vacancies continued to rise in February, with a 18.7% increase in job advertisements in major metropolitan newspapers.
  • The ANZ Bank's employment ads survey showed that the strong upward movement in job opportunities began in the middle of last year and is continuing.
  • Vehicle sales jumped by 32.4% in February, the best result since 1985.
  • Passenger car sales were up 13.5% in February.
  • The employment market is expected to keep growing in the first half of 1994.
  • Job figures for February are likely to show an increase of at least 10,000.
  • The unemployment rate remains high at 10.5%.
  • The Prime Minister, Mr Keating, has indicated that the Government's revised growth forecasts may still be too low.
  • All options for funding employment initiatives, including a jobs levy, are still under consideration.

Statistics:

  • 18.7% increase in job advertisements in major metropolitan newspapers in February.
  • 32.4% increase in vehicle sales in February.
  • 13.5% increase in passenger car sales in February.
  • 2.3% increase in trend level of job ads in February.
  • 2.9% increase in trend level of job ads in January.
  • 40% increase in job ads over the past year.
  • 9% increase in vehicle sales volumes in the first two months of this year compared to the same period last year.
  • Unemployment rate of 10.5%.

Sources:

  • "ANZ Bank's employment ads survey."
  • "Federal Chamber of Automotive Industries VFACTS figures."
  • "Community delegation meeting with Prime Minister, Mr Keating."
  • "Treasurer, Mr Willis's comments on Sunday."
  • "Prime Minister, Mr Keating's office."