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Job ads up in July

A widely-watched private survey of job advertising shows the labour market strengthening, despite recent weak official figures.

ANZ’s job ads data shows a 1.5 per cent increase in the number of positions advertised in August, seasonally adjusted.

The figures stand in stark contrast to last month’s official ABS employment figures which showed a steep jump in the jobless rate from 6 to 6.4 per cent, the worst reading since August 2002.

ANZ’s chief economist Warren Hogan says his bank’s data provide evidence that the steep rise in unemployment is likely to be a statistical blip that will be at least partially reversed over coming months.

“ANZ job ads are up 8 per cent over the year to date, while the other key labour market condition cross-checks have also generally continued to improve recently,” he said.

“Importantly, these developments appear to jar with the surprise jump in July’s unemployment rate to 6.4 per cent and suggest recent labour market conditions are steadily improving.”

 

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