ANZ JOB SURVEY: 6 MONTHS OF JOB GROWTH
Each month, ANZ releases a detailed report on the state of job advertisement market. It’s used by many economists and analysists to review the state of job growth/decline and availability within Australia.
In what is good news for Australia, the hire market and employees, the August ANZ Job survey showed that for the sixth month in a row, Job Advertisements continue to trend up, rising 2.0% m/m in August in seasonally adjusted terms.
Job advertisements currently sit 13.3% higher than a year ago.
In trend terms, job ads were up 1.3% m/m in August following a 1.4% rise in the previous month. Annual trend growth picked up slightly, rising from 11.6% in July to 12.5% in August
ANZ Head of Australian Economics, David Plank said: ““Job advertisements continue their period of strength, consistent with robust business conditions. Together with other forward indicators and survey-based measures, this strength suggests some downside risk to the unemployment rate in the near term, with employment expected to rise in the order of 15–20k per month over the period ahead.”
Plank believes “while the RBA is likely to find the ongoing improvement in labour market conditions encouraging, persistently low wage growth presents some uncertainty to the outlook for both consumption and inflation. Given the elevated levels of existing household debt and already low savings rate, we find it difficult to envision a sustained increase in consumption growth without some pickup in wage growth and consumer confidence. This will act as a constraint on the acceleration in GDP growth even as business investment picks-up.”