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ISCOVER
Staff Reporter
The number of job advertisements listed online and in newspapers fell again in November, giving the Reserve Bank yet more reason to trim the official cash rate when the board meets later today.
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According to the latest ANZ Job Advertisement Series, the number of adverts online and in newspapers fell 2.9 per cent in November, following a 4.6 per cent drop in October.
This is the eighth consecutive monthly decline, pushing job advertisements 17 per cent below levels seen in November last year.
Speaking about the results, ANZ head of Australian economics and property research Ivan Colhoun said the data should encourage the Reserve Bank to cut rates later today.
“For many parts of the economy, interest rates remain high given the subdued level of business conditions. This is particularly true at a time when the Australian dollar has remained elevated,” he said.
“Further monetary easing is necessary to assist the economy in its transition towards a lower dependence on mining investment growth.
“We continue to expect a 25 basis points cut at the RBA board meeting today and for the Bank to maintain a strong easing bias in 2013.”
