Down they go:
ANZ Job Ads slid a further 1.7% m/m in November and are now down almost 15% from their cyclical peak in May 2018. Although there has been a longer lag than usual, the downturn in the number of advertisements may be starting to filter through to the labour market.
In October, we saw the first substantial fall (-19k) in employment in three years (a small 1k employment drop was recorded in May 2018). We expect employment growth to decline into 2020, lagging the deterioration in GDP growth over the past year.
