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UNEMPLOYMENT is set to fall additional with the number of job vacancies rising to record levels, fuelling speculation of one more interest rate rise.

National job vacancies in the 3 months to August rose 2.9 per cent, seasonally adjusted, according to the Australian Bureau of Statistics.

Job vacancies rose by 11.9 per cent in the year to August.

CommSec equities economist Martin Arnold said with job vacancies now at a record higher, the unemployment rate was set to fall beneath four per cent - from its present 4.three per cent - as organization conditions encouraged bosses to seek much more employees.

"The Australian economic climate is recording solid development and organization conditions are virtually as very good as they get," he stated.

The strength of the economy led a frustrated John Howard to say the public was failing to give the government credit for economic management.

"I feel there is a view in the community ... possibly a significant quantity that, for somehow or another, our economic strength and our financial stability and development is taking place naturally, that the economic climate is on autopilot," the Prime Minister told a public forum at Ocean Grove on the Victorian coast yesterday.

He mentioned this was one of the causes why the government was faring so poorly in the public opinion polls: "I think men and women are starting to take the Australian economy for granted."

Seasonally-adjusted job vacancies totalled 172,700 in the 3 months to August.

Mr Arnold mentioned there had been fewer than 3 unemployed folks for every vacant job, the lowest level on record.

Company services has been one of the strongest growth areas, with 45,200 vacancies, 28.four per cent a lot more than a year ago.

The number of positions vacant in the communications sector has far more than doubled to 2800 in the identical period.

There was powerful demand for labour in the construction, retail trade and transport industries.

Areas that appear to be much less desperate for staff contain hospitality, recreation and personal services.

The public sector is continuing to expand, with the number of vacant jobs 11.8 per cent greater than a year ago.

In the year to August, job vacancies in the boom state of Western Australia had been up by 31.8 per cent, unadjusted, followed by the ACT, which was up 31 per cent.

Only Queensland had a decline, with year-on-year vacancies down 3.3 per cent.

Matthew Johnson, the senior economist at broker ICAP, stated the rise in jobs vacancies should provide employment development of far more than two per cent.

"This indicates that unemployment will possibly fall decrease, and that every person from the Reserve Bank down will continue to fret about wage-push inflation," he stated.

Higher job vacancies and low unemployment is a classic recipe for inflation, with a limit to how many positions can be filled.

There has, so far, been no evidence of wage inflation, with the common cost of labour increasing broadly in line with fees in the economy. The next inflation figures are published on October 24.

UBS chief economist Scott Haslem stated the growth in job vacancies would contribute to greater inflation in the final months of 2007. He predicted the Reserve Bank would raise interest prices in February 2008 to cease inflation going above the RBA's three per cent target range.

Nonetheless Mr Arnold mentioned the boost in labour supply, coming from skilled migration, would not produce wages pressures.