Businesses need to be cautious around job numbers released today by ANZ Bank which suggest growth of 4.3 percent in job advertisements for May.
The ANZ Job Advertisements Series shows the total number of jobs advertised across both newspapers and online was 4.3 percent higher in May, but was sharply down when looking at the newspaper category alone. Total job advertisements are 33.8 percent above the lowest point in this cycle (since the GFC) in July last year, but are still 39.8 percent below the all-time high reached in April the year before.
Matthew Tukaki, CEO of SansGov and former Head of Drake Australia, warns businesses to be cautious over the job numbers released today in the ANZ Job Advertisements Series.
“We have seen a consistent lowering of unemployment forecasts, an increase in the number of jobs advertised and a stabilising of the Australian economy – however, we need to be vigilant when it comes to addressing the problem of high youth unemployment in our regions and a growing sense of underemployment when it comes to those who are working two jobs for less income they were earning when compared to last year” Mr Tukaki said
Speaking at a client briefing seminar this afternoon Mr Tukaki said that while the ANZ Bank’s job advertisement series was positive, the concern with underemployment and the after effects of years of financial mismanagement in Europe could still take their toll on the Australian economy:
“For many economic and business observers you may think that the Australian economy has rebounded and, on the face of it, this is true. However, that does not make us devoid of being impacted by the continued meltdown in Europe and continuing bad economic indicators from the United States. We need to keep in mind that unemployment in some European countries is still above 20%. In addition there are some regions in Australia where youth unemployment is well into double digit figures such as the Illawarra and Wollongong” Mr Tukaki said