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Latest job ads data suggests labour market is holding up
With employment figures due out on Thursday from the ABS, a lot of the economic chatter this week will focus on how well the labour market is going.
According to data out on Monday from ANZ and Indeed, things were steady in seasonally adjusted terms at the end of 2023 at least as far as job advertisements went:
Job ads data from @ANZ_Research and Indeed showed no sign of a sharp reduction in December. (Economists also expect the jobless rate remained at 3.9% last month.) pic.twitter.com/aw6mahy7gc
— @phannam@mastodon.green (@p_hannam) January 15, 2024
ANZ senior economist, Catherine Birch, said:
ABS job vacancies only declined 0.7% q/q in November, adding to the evidence that while the labour market is easing, there are no signs of a sharp deterioration approaching.
Vacancies per unemployed person declined to 0.68, a two-year low, but this is still double the pre-Covid level.
We see the unemployment rate lifting only modestly in 2024.
The jobless rate was 3.9% in November and CBA’s Belinda Allen expects the December jobless rate to remain at that level:
For December we expect a more modest lift in employment of 20,000, the participation rate to remain at a record high of 67.2% and the unemployment rate to remain steady at 3.9%. We expect the labour market to loosen more materially in 2024.
14m ago20.26 EST
Federal court dismisses challenge to Santos offshore gas pipeline
Santos’s Barossa offshore gas project has taken another step forward after the federal court dismissed a legal challenge by three Tiwi Islanders to the construction of a pipeline they said could threaten burial grounds and cultural heritage.
The proceedings were filed by the Environmental Defenders Office on behalf of Simon Munkara, a member of the Jikilaruwu clan.
The case alleged Santos had not properly assessed submerged cultural heritage along the route of its Barossa export pipeline, which runs within seven kilometres of Cape Fourcroy on Bathurst Island.
It sought an injunction on pipeline works until Santos submitted a new environmental plan and it was assessed by the offshore petroleum regulator Nopsema.
In a hearing on Monday morning, the court dismissed the application and discharged a temporary injunction that had prevented Santos from commencing construction work in an area on the pipeline route.
The applicants in the case have been ordered to pay…
2024-01-14 20:19:48
Post from www.theguardian.com
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