Job ads grew by 2.7 percent in June, following an increase of 2.7 percent in May according to the latest data in the ANZ Job Advertisements Series.
The ANZ Job Advertisement Series is now 32.2 percent higher than it was a year ago. This is the fastest annual growth since November 2007. Total job advertisements are 34.6 percent above their July 2009 cyclical trough, but remain 39 percent below the all-time peak reached in April 2008.
ANZ Chief Economist Warren Hogan said Australia employers continue to remain confident despite international jitters.
“Job advertisements rose strongly again in June after a similarly strong rise in May. This suggests that employers remain confident about Australia’s economic prospects, despite escalating concerns about the global environment.” he said.
The decline in newspaper job advertising continues, with job advertisements in major metropolitan newspapers falling by an additional 1.6 percent in June after sluding 4.4 percent in May.
Internet job ads continue to return to strength, increasing by 3 percent in June. Internet job advertisements are now 33.6 percent higher than they were a year ago and are growing at their fastest in annual terms since January 2008.
“Given that newspaper advertising is more expensive than internet advertising, we have observed that at turning points, newspaper advertising tends to move before the internet.” Mr Hogan said.
“Hence, while the overall outlook still appears bright, the fall in newspaper job advertising in May and June does suggest that some businesses are adopting a more cautious stance. This is not unexpected given increasing concerns over the global backdrop. The recent decline in Australian business confidence and subdued activity in interest-rate sensitive, labour-intensive sectors of the economy, such as retailing, may also be constraining demand for new labour.” Mr Hogan concluded.