Advertisements for new jobs rebound in June
A pickup in jobs growth is set to come to an end amid downward pressure on employment in mining and manufacturing.
Job advertisements on the internet and in newspapers rebounded in June, rising 1.3 per cent, following a flat result in May, ANZ seasonally-adjusted figures show.
They were up 10.8 per cent in the 12 months to June.
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But ANZ chief economist Warren Hogan predicted jobs growth wouldn’t remain as strong as it has been so far this year amid “below-trend growth in economic activity”.
“Significant job losses are still forthcoming as several large resource projects are completed,” he said.
“We expect to see the first signs of softer labour market conditions in this week’s official employment figures.”
Economists expect the latest workforce figures from the Australian Bureau of Statistics will show the jobless rate rose to 6.1 per cent in June, from 6.0 per cent in May.
Due to this, Mr Hogan said, ANZ expects the Reserve Bank to keep the cash rate at its “very accommodative” setting for some time, but to maintain a mild easing bias.