Job ads have rebounded for the second consecutive month, prompting speculation that the Reserve Bank of Australia may raise rates today.
According to the ANZ Job Advertisements Series released yesterday, the number of jobs advertised in major metropolitan newspapers and on the internet grew by 4.4 per cent in September to a weekly average of 136,070 per week, following a rise of 4.1 per cent in August.
Total job advertisements are now 8.7 per cent (10,863 advertisements) higher than their cyclical low point in July.
Despite the increase the total number of job advertisements in September remained 44.9 per cent lower than 12 months earlier.
ANZ acting chief economist Warren Hogan said the figures provided the best evidence to date that the economy and labour market were entering an early recovery phase.
“[The] numbers confirm our expectation that the pace of decline in employment will not be as severe as envisaged six months ago,” he said.
“Australian economic activity has been remarkably resilient in recent months, particularly in some of our largest employing industries.”