Australia's leading indicator of employment rose for the second consecutive month in August, after falling for 18 successive months, the Department of Education, Employment and Workplace Relations or DEEWR said Wednesday.
The leading indicator for August stood at minus 0.716 compared to minus 0.781 in July. Two of the four components of the indicator contributed to the rise, the Westpac-Melbourne Institute Consumer Sentiment Index and the ANZ Newspaper Job Advertisements series.
The department said the indicator is tentatively foreshadowing a quickening in the pace of employment growth to above its long-term rate of 2% per annum. Another four consecutive monthly increases in the indicator would be required for the turning point in the indicator to be confirmed, the DEEWR said.
Meanwhile, the cyclical employment declined for the 15th consecutive month in August.