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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:
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Goin’ nowhere fast…
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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