Job ad strength suggests economic recovery

The total number of jobs advertised in the major metropolitan newspapers and on the internet rose by 5.2 per cent in November, the latest ANZ Job Advertisements Series has revealed.

The rise in job advertisements follows a 1.7 per cent drop in October.

Despite the recent increase, the total number of advertisements in November was still 34.2 per cent lower than 12 months earlier.

According to ANZ’s acting chief economist Warren Hogan, the 5.2 per cent growth suggests total job advertisements are now well past their trough point, with four months of trend growth recorded since July.

“The 8.3 per cent lift in newspaper job advertising in November is particularly encouraging, given that this sector tends to ‘lead’ overall job advertising trends. Eventually the improvement in job advertising will translate into higher employment growth,” Mr Hogan said.

“The recent strength in job advertising is consistent with the positive trends seen in many other indicators across the Australian economy. Taken together, these data imply that Australia’s recovery from the recent downturn is gathering pace.

"Employment growth is also now trending upwards, after contracting through the first half of 2009. The unemployment rate appears to have stabilised in the high ‘fives’. This is good news for households and businesses alike, but net jobs growth remains weak by historical standards, with considerable volatility in recent monthly jobs growth.”

The total number of jobs advertised in the major metropolitan newspapers and on the internet rose by 5.2 per cent in November, the latest ANZ Job Advertisements Series has revealed.

The rise in job advertisements follows a 1.7 per cent drop in October.

Despite the recent increase, the total number of advertisements in November was still 34.2 per cent lower than 12 months earlier.

According to ANZ’s acting chief economist Warren Hogan, the 5.2 per cent growth suggests total job advertisements are now well past their trough point, with four months of trend growth recorded since July.

“The 8.3 per cent lift in newspaper job advertising in November is particularly encouraging, given that this sector tends to ‘lead’ overall job advertising trends. Eventually the improvement in job advertising will translate into higher employment growth,” Mr Hogan said.

“The recent strength in job advertising is consistent with the positive trends seen in many other indicators across the Australian economy. Taken together, these data imply that Australia’s recovery from the recent downturn is gathering pace.

"Employment growth is also now trending upwards, after contracting through the first half of 2009. The unemployment rate appears to have stabilised in the high ‘fives’. This is good news for households and businesses alike, but net jobs growth remains weak by historical standards, with considerable volatility in recent monthly jobs growth.”

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