RTTNews - The total number of job advertisements in newspapers and on the internet in Australia dropped for the 14th consecutive month in June, by 6.7% month-on-month to 127,346 per week, the latest job advertisement series by the Australia and New Zealand Banking Group said Monday. This follows a 0.2% fall in May.
Newspaper ads rose 0.9%, after a 1% fall in May, while internet job ads dropped 7.2%, following a 0.2% decline in the preceding month.
On an annual basis, job ads were down 51.4% in June. Newspaper ads were down 50.7%, while internet job ads dipped 51.5%, the weakest annual reading since the series began in 1998.
With both the internet and newspaper series down by over half in the past year, this key
leading indicator of labor demand suggests that hiring intentions by Australian business are
still weak, Warren Hogan, ANZ Head of Australian Economics said.
Business may not be hiring but so far it appears that labor shedding has been quite subdued in comparison to previous economic downturns. Indeed, labor hoarding appears to be lasting longer in this economic downturn than in the past, Hogan noted.
The ANZ expects employment to fall by 32,000 in June and the jobless rate to rise to 5.9%, ahead of the official Labor Force report to be released the Australian Bureau of Statistics on Thursday. Just about all leading indicators of employment, including business surveys and the ANZ Job Ads series point to declining employment levels over the second half of the year, the report added.
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