There is no doubt about it, the Aussie jobs market is past its best and when it turns like this it tends to keep rolling:
On a seasonally adjusted basis, ANZ Australian Job Advertisements increased 0.2% in October following a fall of 0.7% in the prior month. On an annual basis, growth slowed to 3.6% in October (vs 4.7% in September). This is the slowest annual growth in ANZ Australian job ads since April 2015.
In trend terms, job ads fell by 0.2% m/m for the fifth consecutive month. Job ads grew 3.8% y/y to October in trend terms (down from 4.8% y/y in September), also the weakest result since April 2015.
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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.
