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Job advertisements plummeted in February painting a bleak picture for the labour market.
According to ANZ, job advertisements on the internet and in newspapers fell by 10.4 per cent in February to a weekly average of 161,583 per week.
This represented an annual fall of 39.8 per cent.
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Alone, newspaper job ads fell 55.4 per cent over the year – the largest rate of decline since the series began in the mid 1970s.
Off the back of the weak result ANZ revised its unemployment forecasts to 6.5 per cent by 2009 year end and 7.5 per cent by mid 2010.
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