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JohnTip

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20/07/23

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Post #: 68883813
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Originally posted by lincoln05: ↑

this AFR article may have been catalyst for a weaker job fig today. Cant see anything else to prompt the rally

Coles used to get 11 applicants for every job. Now it gets far moreSally PattenBOSS editorJul 20, 2023 – 10.09amSaveShareKEY POINTS Why it matters: Big employers are reporting more competition for jobs.Context: A tougher jobs market is a sign the economy is cooling.What next: The RBA will consider this at its next rates move on August 1.Coles is fielding 18 applicants for every job it advertises and bosses say competition for roles in other industries is surging, in signs rising interest rates are taking a toll on the employment market.Supermarket giant Coles, one of Australia’s biggest companies with more than 120,000 employees, said the number of applications for each role had risen from an average of 11 a year ago.Westpac, Australia’s second-biggest bank with 39,000 full-time employees, also reported a spike in the number of applications per role, as well as a sharp fall in attrition rates.The experience of big employers suggests a tightening in the job market that could push up the unemployment rate and give the Reserve Bank reason to hold the cash rate on pause at its August meeting.The Sydney-based lender’s group executive of human resources, Christine Parker, said the rate of attrition had fallen 27 per cent in the three months to June compared to a year ago, although she noted that the June quarter of 2022 was unusual as Australians emerged from the pandemic.Westpac said the number of applications for vacant roles had risen nearly 20 per cent.

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tale of two worlds. alot of businesses cannot find enough workers and job market is very strong

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17/07 Indices, page-78

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