Via Damien Boey at Credit Suisse:
Employment continues to defy the gravity of almost every leading indicator. Growth continues to track well ahead of our proprietary labour market indicator, which is based on ANZ job advertisements, NAB hiring intentions and our domestic demand tracker.
Perhaps RBA Assistant Governor Debelle had it right today, when he suggested that in uncertain times, it can be quite typical of firms to continue hiring and hoarding labour, even as they pull back on their capital expenditure.
Maybe. Just as likely is that this is the ongoing government jobs boom via such bureaucratic build outs as the NDIS. These are non-cyclical jobs.
Labor must be spewing. It effectively created the Coalition’s jobs boom before it lost power.