ANZ Job Ads resumed their downward trajectory in October, following some stabilisation in September. Job Ads are now at their lowest level since January 2017 (aside from the holiday-affected May result). The ANZ Job Ads series has been pointing to a material slowdown in employment growth for some time; yet employment growth has been remarkably resilient. We don’t expect it can hold up for much longer though. In particular, employment in the construction industry should continue to fall as
residential building activity contracts through to mid-2020. This will weigh on overall employment growth.
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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.
