Australian Job Ads Rebound
Job advertisements posted their biggest increase in 11 years last month, more than reversing January’s surprise decline, as employers stepped up hiring plans.
The total number of jobs advertised rose by 19.1 per cent last month, after an 8.1 per cent fall in January, according to the ANZ Bank’s monthly survey. It was the largest monthly increase in the 11-year history of the series, ANZ said.
”Total job advertisements are continuing to improve month on month from their cyclical low point last year,” ANZ chief economist Warren Hogan said. ”This has already translated into solid employment growth and reduced unemployment, even through a period of relatively strong labour force growth.”
Jobs advertised in major metropolitan newspapers increased by 13.1 per cent, seasonally adjusted, in February, while internet job advertisements rose by 19.6 per cent, seasonally adjusted, ANZ said.
The recovery in job ads is the latest indication that the economy is gaining strength. Last week, the Reserve Bank raised its official interest for the fourth time in five board meetings since October as it moves to return lending costs to more normal levels after last year’s economic slowdown.
The total number of job ads rose to an average of 159,778 a week in February, seasonally adjusted, just 2.3 per cent lower than in February last year.
Newspaper job ads rose 13.1 per cent to 9947 a week last month, seasonally adjusted, while internet job ads increased 19.6 per cent to a weekly average of 149,831.
While the official unemployment rate has been falling – dropping to 5.3 per cent in January – the number masks an increase in part-time work, Mr Hogan said.
”A record 30.2 per cent of all jobs are now part-time (less than 35 hours per week) and, despite the big surge in employed people, total aggregate hours worked across the economy remains near the level it was a year ago,” he said.
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Article Sourced From SMH.com.au
