Graph 3 %  Underemployment and Participation Underemployment rate  Participation rate  %  14  66  12  64 Australia  10  62  United Kingdom  8  60 United States  6  2011  2016  2021 2011  2016  2021  58  Sources: ABS; RBA; Refinitiv  The forward-looking indicators suggest that the demand for workers remains strong.
Job vacancies reached a record high in November and job advertisements have also increased strongly (Graph 4). The information from our business liaison program is that Omicron has not changed this story. More than half of businesses still report that they intend to increase headcount over the coming months and very few expect to reduce their workforces.