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ANZ job ads for October are out and are showing signs of fatigue rising just 0.2%. Total jobs were at 137,284 per week on average in October. Ads on the internet rose 0.3% and in newspapers dropped 1.2%. Says Warren Hogan:
“This should feed into better employment growth outcomes and see the unemployment rate stabilise. Past relationships suggest this level of job advertising is consistent with employment growing at an annualised pace of just under 2 per cent, more than the current pace of population growth.”
Stability is the best case I reckon. The rising monthly trend since early this year looks to be stalling. Here is the month-on-month chart:
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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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