Login
ISCOVER
Staff Reporter
The number of jobs advertised online and in print fell again this month, giving the Reserve Bank further scope to cut rates.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
According to the latest ANZ Job Advertisement Series, the number of job advertisements on the internet and in newspapers fell 2.8 per cent in September, following a decline of 2.4 per cent in August.
This is the sixth consecutive monthly decline, bringing the number of advertisements 10.8 per cent lower than one year ago.
Speaking about the results, ANZ head of Australian economics and property research Ivan Colhoun said the trend in newspaper and internet job advertisements is a signal of a softening labour market.
“Total advertisements have fallen for the past six months, and in more recent times this decline has been seen across all states. When this last occurred, in the second half of 2011, Australian employment growth slowed,” he said.
“Given the evidence of a mild contraction in labour hiring intentions across Australia, we expect the labour market to continue to soften, and for the unemployment rate to drift higher in coming months.
“With job advertisements signalling a further easing in labour market conditions, the RBA will need to ease monetary policy further.
“ANZ expects a further 25bps rate cut by the RBA at the November Board meeting.”
