On a seasonally adjusted basis, ANZ Australian Job Advertisements eased 0.6% in August, partially retracing the 1.4% bounce recorded in the prior month. On an annual basis, growth fell to 5.1% in August (vs 7.3% in July).
In trend terms, job ads edged up 0.1% m/m last month, following a flat performance in July. There has been a clear plateauing in the level of job ads since April. In trend terms, job Ads grew 6.2% y/y to August (down from 6.9% y/y in July).
ANZ’S HEAD OF AUSTRALIAN ECONOMICS, DAVID PLANK, COMMENTED: “After a strong rise in January, ANZ Job Ads have followed a sawtooth pattern, in seasonally adjusted terms, leaving the level little different from the start of the year. The monthly trend has also softened – average monthly growth was 1.0% in 2017, compared to 0.4% year to date (with the lion’s share occurring in Q1 2018).
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Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
