ANZ job ads grind higher

The modest recovery in ANZ job ads continued in August up 1.5%. From chief economist Warren Hogan:

…”Recent trends in job advertising are consistent with a gradual turnaround in the labour market…Importantly, these developments appear to jar with the surprise jump in July’s unemployment rate to 6.4 percent and suggest recent labour market conditions are steadily improving. We envisage the unemployment rate remaining a touch above 6 percent for a few quarters and only very gradually falling from there.”.

Meh. They are up a modest 8% year to date off a low base , which is why unemployment keeps rising despite the improvement. A couple of charts from marketscuttlebutt tells the tale:

Goin’ nowhere fast…