Job Ads Fell But Reflects Stabilising Job Demands
A survey from ANZ revealed that job advertisements fell 0.8 per cent in November without any show of growth over the prior two months.
Job ads were 10 per cent lower than a year ago in November, but the trend decline in job ads has slowed which is the slowest rate of decline since early 2012.
Newspaper and internet job advertisements fell by similar amounts in November. The newspaper job ads fell 0.8 per cent, while internet job ads fell 1.0 per cent. Newspaper job ads across all states, except for Western Australia, fell in November.
However, there are positive signs showing that labour demands are stabilising in some states which had been affected by labour cuts.
ANZ newspaper job ads in the most populous state, New South Wales, have stabilised over the past four months, while job advertising in Victoria is falling at a slower pace.
The pace of decline in job ads also appears to be moderating in Western Australia which is a positive sign given that falls in labour demand in the mining states have been a significant drag on overall labour demand in 2013.
Job advertising continues to fall quite sharply in the ACT.
"After falling for most of this year, the rate of deterioration in job advertising has slowed. While across the different measures of labour demand there have been some signs of stabilisation, it remains unclear whether this will persist and result in an increase in labour demand over the next couple of months. We will continue to watch job advertising trends very closely," ANZ head of Australian Economics, Corporate and Commercial, Justin Fabo, explained.
"Low interest rates are clearly having a positive impact on interest-rate sensitive sectors of the economy, with housing turnover and prices picking up strongly. There is now evidence of a supply-side response to this demand for housing, with recent strong rises in building approvals pointing to a solid improvement in housing construction in 2014. Tentative signs are emerging that the strength in housing and the lower Australian dollar are beginning to flow into better conditions for domestic retailers, with retail sales rising solidly in recent months," Mr Fabo added.
On Thursday, ANZ will release the November labour market report which ANZ hopes that will show 12,500 new jobs created by November.