Source : Perth Now news
One of Australia’s key job vacancy number reports shows the number of jobs on offer rose 2.2 per cent in September.
The seasonally adjusted figure comes from the ANZ-Indeed Australian job ads index.
ANZ senior economist Jasmine Zheng says the number of jobs listed has stayed resilient this year despite four interest rate hikes.
“However, labour market conditions typically respond to softer economic activity with a lag,” she said.
“As the impact of higher interest rates continues to flow through to the economy, we expect economic momentum and labour demand to slow.
“As a result, we anticipate job ads will gradually trend lower over the coming months.”
The September result of a 2.2 per cent rise in job ads follows a 2.6 per cent rise in August, and puts job ads up 12.9 per cent compared to 12 months ago.
An ANZ spokesperson was unable to provide the raw number of how many more job ads had been posted last month.
Last week, the official Australian Bureau of Statistics quarterly job vacancies report said job vacancies fell by 3000, or 0.9 per cent.
The week before, the ABS confirmed unemployment had risen 0.2 percentage points to 4.6 per cent.
The ANZ-Indeed job ads figure for August – a 2.6 per cent rise – also outpaced the SEEK monthly ads figure of 1.1 per cent.
CreditorWatch chief economist Ivan Colhoun places more weight in the SEEK figure.
“Of particular interest to me in recent months has been a continuing rise in ANZ Indeed job ads.
“The trend increase hasn’t been matched by the trend for the SEEK series so far – which I trust more – though SEEK ads rose 1.1 per cent month-on-month in August and I will be closely watching the September signal.
“These would be important signals if sustained, given close correlations to Australian unemployment and interest rates,” he said.
