Job ads stabilise in September after a bumpy few months
After falling 2.6% m/m in August, ANZ Job Ads recorded a small gain of 0.3% in September. This saw the annual decline fall to -10.4%. In trend terms, job ads fell -0.2% m/m and -10.9% y/y.
ANZ Senior Economist, Catherine Birch, commented:
Job ads steadied in September but this does not necessarily indicate a turning point in the labour market. During August, the unemployment rate ticked up to 5.3% and job vacancies declined by 1.9% q/q. The job vacancies series is now converging with the ANZ Job Ads series after a period of divergence. The public sector appears to be responsible for the surprising strength in employment growth; ANZ Job Ads may be more reflective of the weakness in the private sector. We may see job ads deteriorate again in future months if the public sector strength is not sustained and if there is no significant change in momentum in private sector employment.